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Dr Reddy's to sell 2 neurology branded products to Upsher-Smith Labs for over $110 mn

"Under the agreement, Dr Reddy's will receive USD 70 million as upfront consideration, USD 40.5 million in near-term milestones and additional financial considerations including, existing contractual obligation and inventory," the company said in a regulatory filing.

June 14, 2019 / 10:35 AM IST
 
 
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Dr Reddy's Laboratories on Friday said it has entered into a definitive agreement with Upsher-Smith Laboratories to sell the US and select territory rights of its neurology branded products -- Tosymra and Zembrace -- for over USD 110 million (approx Rs 765 crore).

"Under the agreement, Dr Reddy's will receive USD 70 million as upfront consideration, USD 40.5 million in near-term milestones and additional financial considerations including, existing contractual obligation and inventory," the company said in a regulatory filing.

Subsequently, Dr Reddy's said it will receive sales-based royalties on a quarterly basis.

Both the products are commercialised through Dr Reddy's wholly-owned subsidiary, Promius Pharma.