HYDERABAD, India & PRINCETON, N.J.–(BUSINESS WIRE)–Dr. Reddy’s Laboratories Limited (BSE: 500124, NSE: DRREDDY, NYSE: RDY)
announces that it has entered into a definitive asset purchase agreement
with Upsher-Smith Laboratories, LLC (Upsher-Smith), pursuant to which
Dr. Reddy’s would sell its US and select territory rights for ZEMBRACE®
SYMTOUCH® (sumatriptan injection) 3 mg and TOSYMRA™
(sumatriptan nasal spray) 10 mg (formerly referred to as “DFN-02”),
which are commercialized through its wholly owned subsidiary, Promius
Pharma, LLC.
Under the agreement, Dr. Reddy’s will receive U.S.$70 million as upfront
consideration, U.S.$40.5 million in near term milestones and additional
financial considerations including existing contractual obligation and
inventory. Subsequently, Dr. Reddy’s will receive sales based royalties
on a quarterly basis.
The closing of the transaction is subject to various customary closing
conditions including antitrust review under Hart-Scott-Rodino Act.
“This is a testament to our strong R&D capabilities, and delivering
solutions to unmet needs of patients. In a short time, we created a
well-recognized migraine specialty business in the US and we look
forward to our partnership with Upsher-Smith,” said G.V. Prasad,
Co-Chairman and CEO, Dr. Reddy’s Laboratories Limited.
“Tosymra and Zembrace were designed and developed with the goal of
addressing unmet needs of large but discrete segments of patients
suffering from episodic migraine who need options other than their
current therapies. We are excited to partner with Upsher-Smith, which
has established a strong presence in neurology,” said Anil
Namboodiripad, Ph.D., Senior Vice President, Proprietary Products and
Head, Promius Pharma.
Important Patient Safety Information for Zembrace SymTouch
(sumatriptan injection) 3 mg and TOSYMRA (sumatriptan nasal spray) 10 mg.
Zembrace SymTouch and TOSYMRA can cause serious side effects,
including: heart attack and other heart problems, which may lead to
death.
Do not use Zembrace SymTouch and TOSYMRA if you have:
- heart problems or a history of heart problems
-
narrowing of blood vessels to your legs, arms, stomach, or kidney
(peripheral vascular disease) - uncontrolled high blood pressure
- severe liver problems
-
hemiplegic migraines or basilar migraines. If you are not sure if you
have these, ask your healthcare provider -
had a stroke, transient ischemic attacks (TIAs), or problems with your
blood circulation -
taken any of the following medicines in the last 24 hours:
almotriptan, eletriptan, frovatriptan, naratriptan, rizatriptan,
ergotamines, or dihydroergotamine. Ask your healthcare provider if you
are not sure if your medicine is listed above -
are taking certain antidepressants known as monoamine oxidase (MAO)-A
inhibitors or it has been 2 weeks or less since you stopped taking a
MAO-A inhibitor. Ask your healthcare provider or pharmacist for a list
of these medicines if you are not sure. -
an allergy to sumatriptan or any of the ingredients in Zembrace
SymTouch and TOSYMRA.
You are encouraged to report negative side effects of prescription
drugs. To report SUSPECTED SIDE EFFECTS, call Promius Pharma at
1-888-966-8766 or contact the FDA at 1-800-FDA-1088 (1-800-332-1088) or
online at http://www.fda.gov/Safety/MedWatch
Please see Full Prescribing Information for Zembrace SymTouch and
TOSYMRA.
For more information, please visit www.zembrace.com
and www.mytosymra.com.
About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124,
NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company,
committed to providing affordable and innovative medicines for healthier
lives. Through its three businesses – Pharmaceutical Services & Active
Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s
offers a portfolio of products and services including APIs, custom
pharmaceutical services, generics, biosimilars and differentiated
formulations. Our major therapeutic areas of focus are gastrointestinal,
cardiovascular, diabetology, oncology, pain management and dermatology.
Dr. Reddy’s operates in markets across the globe. Our major markets
include – USA, India, Russia & CIS countries, and Europe. For more
information, log on to: www.drreddys.com.
About Promius Pharma LLC: Promius Pharma is a wholly-owned
subsidiary of Dr. Reddy’s Laboratories, one of the largest and most
respected pharmaceutical companies in the world. Promius Pharma is
committed to bringing new products to market that meet patients’ needs.
For more information, log on to: www.promiuspharma.com.
About Upsher-Smith Laboratories, LLC: Upsher-Smith Laboratories,
LLC is a trusted U.S. pharmaceutical company that strives to improve the
health and lives of patients through an unwavering commitment to
high-quality products and sustainable growth. Since 1919, it has brought
generics and brands to a wide array of customers backed by an attentive
level of service, strong industry relationships, and dedication to
uninterrupted supply. For more information, visit www.upsher-smith.com.
Disclaimer: This press release may include statements of future
expectations and other forward-looking statements that are based on the
management’s current views and assumptions and involve known or unknown
risks and uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in such
statements. In addition to statements which are forward-looking by
reason of context, the words “may”, “will”, “should”, “expects”,
“plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”,
“potential”, or “continue” and similar expressions identify
forward-looking statements. Actual results, performance or events may
differ materially from those in such statements due to without
limitation, (i) general economic conditions such as performance of
financial markets, credit defaults, currency exchange rates, interest
rates, persistency levels and frequency / severity of insured loss
events (ii) mortality and morbidity levels and trends, (iii) changing
levels of competition and general competitive factors, (iv) changes in
laws and regulations and in the policies of central banks and/or
governments, (v) the impact of acquisitions or reorganization, including
related integration issues.
The company assumes no obligation to update any information contained
herein.
Contacts
INVESTOR RELATIONS
AMIT AGARWAL
AMITA@DRREDDYS.COM
(PH:
+91-40-4900 2135)
MEDIA RELATIONS
MITALI SARKAR
MITALI.SARKAR@DRREDDYS.COM
(PH:
+91-40-4900 2121)