Dr. Reddy’s Laboratories has entered into a definitive asset purchase agreement with Upsher-Smith Laboratories, LLC (Upsher-Smith), pursuant to which the company 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, the company will receive $70 million as upfront consideration, $40.5 million in near term milestones and additional financial considerations including, existing contractual obligation and inventory. Subsequently, the company will receive sales based royalties on a quarterly basis.
Dr. Reddy’s Laboratories is a multinational pharmaceutical company based in Hyderabad, Telangana in India. It manufactures and markets a wide range of pharmaceuticals in India and overseas.