Dr. Reddy’s to sell neurology branded products to Upsher-Smith
Dr. Reddy’s is selling its U.S. and select territory rights for Zembrace Symtouch (sumatriptan injection) 3 mg and Tosymra (sumatriptan nasal spray) 10 mg, which are commercialized through its Promius Pharma subsidiary, Promius Pharma, to Upsher-Smith.
Under the agreement, Dr.Reddy’s 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, Dr. Reddy’s will receive sales-based royalties on a quarterly basis.
“This is a testament to our strong R&D capabilities and delivering solutions to the unmet needs of patients. In a short time, we created a well-recognized migraine specialty business in the U.S. and we look forward to our partnership with Upsher-Smith,” Dr. Reddy's co-chairman and CEO G.V. Prasad said.
“Tosymra and Zembrace were designed and developed with the goal of addressing unmet needs of large but discrete segments of patients suffering from episodic migraine who need options other than their current therapies. We are excited to partner with Upsher-Smith which has established a strong presence in neurology,” Promius Pharma senior vice president, proprietary products and head, Anil Namboodiripad said.
Under the agreement, Dr.Reddy’s 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, Dr. Reddy’s will receive sales-based royalties on a quarterly basis.
“This is a testament to our strong R&D capabilities and delivering solutions to the unmet needs of patients. In a short time, we created a well-recognized migraine specialty business in the U.S. and we look forward to our partnership with Upsher-Smith,” Dr. Reddy's co-chairman and CEO G.V. Prasad said.
“Tosymra and Zembrace were designed and developed with the goal of addressing unmet needs of large but discrete segments of patients suffering from episodic migraine who need options other than their current therapies. We are excited to partner with Upsher-Smith which has established a strong presence in neurology,” Promius Pharma senior vice president, proprietary products and head, Anil Namboodiripad said.