HYDERABAD, India & PRINCETON, N.J.–(BUSINESS WIRE)–Dr. Reddy’s Laboratories Limited (BSE: 500124, NSE: DRREDDY, NYSE: RDY,
along with its subsidiaries together referred to as “Dr. Reddy’s”),
through its wholly owned subsidiary Promius Pharma, LLC, announces the
sale of its rights for SERNIVO® (betamethasone dipropionate)
Spray, 0.05% and assignment of its rights to market and distribute,
PROMISEB® Topical Cream and TRIANEX® 0.05%
(Triamcinolone Acetonide Ointment, USP) in the United States, to Encore
Dermatology.
Under the terms of the agreement, Promius Pharma is eligible to receive
an upfront payment and future milestone payments contingent upon
achievement of certain commercial objectives.
“This is in line with our renewed strategy to enable us achieve
self-sustainability and profitable growth for each of our businesses,”
said G.V. Prasad, Co-Chairman and CEO, Dr. Reddy’s.
“We are confident in Encore’s ability to realize the full potential of
the enlisted products. We look forward to working with Encore to ensure
a smooth transition of these brands and to ensure they are able to
quickly deliver these products to providers and patients,” says Anil
Namboodiripad, Ph.D., Senior Vice President, Proprietary Products, and
President, Promius Pharma.
COR-0319-352
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 Encore Dermatology: Headquartered in Malvern, Pennsylvania,
Encore Dermatology, Inc. is a privately held fully-integrated
dermatology company with a mission committed to delivering innovative
prescription therapies and medical devices to dermatologists focusing on
customer service and improving the quality-of-life of patients. For more
information, log on to: www.encorederm.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)