According to a press release issued by the Indian drug maker, as a result of the termination, Dr Reddy's has regained worldwide rights to DFA-02, and is currently evaluating its options to take the programme forward.
Dr Reddy's Laboratories Monday announced the termination of the licence granted to Armis Biopharma Inc for its investigational antibacterial product DFA-02, used for the treatment of surgical site infections (SSls).
"As a result of the termination, Dr Reddy's Labs has regained worldwide rights to DFA-02, and is currently evaluating its options to take the programme forward," the company said in a BSE filing.
DFA-02 is a combination, broad spectrum antibacterial product. DFA-02 has been studied in several phase 1 and 2 clinical studies, and has demonstrated clinical efficacy in several key segments of patients who were at high risk for SSls.
In a separate regulatory filing, Dr Reddy's Labs announced the closure of the sale of its antibiotic manufacturing facility and related assets in Bristol, Tennessee to Neopharma Inc.
Neopharma Inc is a wholly-owned subsidiary of the UAE's largest pharmaceutical manufacturer headquartered in Abu Dhabi.
Under the terms of the agreement, Dr Reddy's Labs sold all the issued and outstanding membership interests in Dr Reddy's Labs Tennessee, LLC and certain related assets.
"This sale is in line with our stated priority to streamline and optimise our global cost structures and help us focus on other business priorities to drive growth," Dr Reddy's Labs Chief Operating Officer Erez Israeli said.Shares of Dr Reddy's Labs were trading 1.08 per cent down at Rs 2,503 apiece on BSE.