Dr Reddy's out licenses phase-3 clinical trial drug to CHD Biosciences

Dr Reddy's Laboratories Limited and CHD Bioscience Inc, a privately-held biopharmaceutical company, announced on Thursday, a global licensing agreement for the clinical development and commercialisation of Dr Reddy's phase III clinical trial candidate, DFA-02.

The drug candidate is used for the prevention of surgical site infections, following non-emergency, elective colorectal surgery. Phase II studies for DFA-02 have been successfully completed, and the product will be transitioning to pivotal Phase III registration studies, Dr Reddy's said in a statement.

Under the terms of the agreement, Dr Reddy's would receive equity in Colorado-based CHD valued at $30 million upon an IPO of