Drug firm Dr Reddy's Laboratories today said it has out-licensed the future development, manufacturing and commercialisation rights of its topical high potency steroid DFD-06 to Encore Dermatology Inc.
The drug is intended to be used for treatment of moderate to severe plaque psoriasis, Dr Reddy's Laboratories has said in a statement.
"Under the terms of agreement, Encore will be responsible for the commercialisation of DFD-05 in the United States," it added.
Promius Pharma, a wholly owned subsidiary of the company, is eligible to receive certain pre and post commercialisation milestone payments of up to USD 32.5 million, followed by fixed royalty payments on the net sales, Dr Reddy's said.
"We look forward to obtaining NDA approval this fall, enabling Encore's management team to quickly deliver this product to the providers and their patients," Promius Pharma President and Proprietary Products Senior Vice President Anil Namboodiripad said on the development.
Shares of Dr Reddy's Laboratories were today trading at Rs 2,007 per scrip in the afternoon trade on BSE, up 3.82 per cent from its previous close.
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