Dr Reddy’s to sell its rights of anti-cancer agent to Citius Pharma

HYDERABAD: Pharma major Dr Reddy’s Laboratories Ltd has entered into a definitive agreement with Citius Pharmaceuticals Inc for the sale of its entire right of investigational anti-cancer agent E7777 (denileukin diftitox) and some related assets.
Dr Reddy’s will receive an upfront payment of $40 million from Citius on closure of the transaction for the sale of E7777, which is an engineered IL-2-diptheria toxin infusion protein, the company said in a regulatory filing to the bourses on Saturday.
This upfront payment will be followed by a milestone payment of $40 million related to the approval of the CTCL (cutaneous T-cell lymphoma) indication and up to $70 million for additional indication approvals, it added. Dr Reddy’s will also receive certain sales-based milestones and tiered earn-out payments.
The Hyderabad-based pharma player had acquired the exclusive global rights…

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