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Dr Reddys, Citius Pharma ink pact to sell rights to anti-cancer agent
Hyderabad: Dr Reddy's Laboratories Ltd., announced that the company has entered into a definitive agreement with Citius Pharmaceuticals, Inc. pursuant to which it sold all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets. Under the terms of agreement, Dr. Reddy's will receive $40 million upfront upon the closing of...
Hyderabad: Dr Reddy's Laboratories Ltd., announced that the company has entered into a definitive agreement with Citius Pharmaceuticals, Inc. pursuant to which it sold all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets.
Under the terms of agreement, Dr. Reddy's will receive $40 million upfront upon the closing of the transaction, followed by approval milestone payment of up to $40 million related to the CTCL (cutaneous T-cell lymphoma) indication approval and up to $70 million for additional indication approvals.
Further, Dr. Reddy's will receive certain sales-based milestones and tiered earn-out payments.
In March 2016, Dr. Reddy's had acquired the exclusive global rights (excluding Japan and Asia) to the investigational anti-cancer agent E7777 from Eisai Co. Ltd.
Erez Israeli, Chief Executive Officer, Dr. Raddy's, said: "Addressing unmet patient needs in oncology remains a prime focus area for us. E7777 has significant potential as an important component of systemic therapy for CTCL and other cancers. Post acquiring from Eisai, significant progress was made on the CTCL development front. We are confident of Citius' ability to realize the full potential of E7777 in the treatment of CTCL as well as in their ability to develop this promising drug for additional oncology and immuno-oncology indications".
Read also: Dr Reddys launches Reddy-Lenalidomide in Canada
Ruchika Sharma joined Medical Dialogue as an Desk Editor for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751