Dr Reddy's en­ters into agree­ment with CHD Bio­science

BioSpectrum (India) - - COMPANY NEWS -

Hyderabad based Dr Reddy's and bio­pharma com­pany CHD Bio­science an­nounced a global li­cens­ing agree­ment for the clin­i­cal de­vel­op­ment and com­mer­cial­i­sa­tion of Dr Reddy's phase III clin­i­cal trial can­di­date, DFA-02.

Un­der the terms of the agree­ment, Dr Reddy's would re­ceive eq­uity in CHD val­ued at $30 mil­lion upon an IPO of CHD or a min­i­mum of $30 mil­lion in cash within 18 months of ex­e­cu­tion of the agree­ment. Dr Reddy's will also re­ceive ad­di­tional milestone pay­ments of $40 mil­lion upon USFDA ap­proval. In ad­di­tion, CHD will pay Dr Reddy’s dou­ble-digit roy­al­ties on sales and com­mer­cial milestones.

The drug is in­tended to be 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

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