Dr. Reddy’s Laboratories Ltd. has said that it has signed a global licensing agreement with CHD Bioscience Inc., a privately-held biopharmaceutical company for the clinical development and commercialization of Dr. Reddy’s Phase III clinical trial candidate, DFA-02. It is intended to be used for the prevention of surgical site infections, following non-emergency, elective colorectal surgery.
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Phase II studies for DFA-02 have been successfully completed, and the product will be transitioning to pivotal Phase III registration studies. “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 company said in a filing to the Bombay Stock Exchange. Meanwhile, shares of the company were trading at Rs 2487.95 apiece, down 5.09 per cent from the previous close at 09:25 hours on BSE.
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