Dr Reddy's Laboratories through its wholly owned subsidiary Promius Pharma Tuesday announced sale and assignment of the US rights for its marketed dermatology brands to Encore Dermatology.
Promius Pharma, LLC, announced the sale of its rights for SERNIVO spray, 0.05 per cent and assignment of its rights to market and distribute, PROMISES topical cream and TRIANEX 0.05 per cent (Triamcinolone Acetonide ointment, USP) in the United States, to Encore Dermatology.
"Under the terms of the agreement, Promius Pharma is eligible to receive an upfront payment and future milestone payments contingent upon achievement of certain commercial objectives," Dr Reddy's Laboratories said in a regulatory filing.
The company, however, did not disclose how much payment its subsidiary Promius Pharma will receive.
Dr Reddy's co-chairman and CEO G V Prasad said the announcement is in line with its renewed strategy to enable us achieve self-sustainability and profitable growth for each of its businesses.
"We are confident in Encore's ability to realise the full potential of the enlisted products. We look forward to working with Encore to ensure a smooth transition of these brands and to ensure they are able to quickly deliver these products to providers and patients." says Anil Namboodiripad, Ph.D., Senior Vice President, Proprietary Products, and President, Promius Pharma, said.
Shares of Dr Reddy's Laboratories were trading 0.11 per cent lower at Rs 2,788 apiece on the BSE.