Dr. Reddy’s Laboratories on Wednesday said it has entered into a definitive agreement to sell its U.S. and Canada territory rights for Elyxyb (celecoxib oral solution) 25 mg/mL to BioDelivery Sciences International Inc (BDSI).
Previously known as DFN-15, Elyxyb is indicated for the acute treatment of migraine with or without aura in adults. Under the terms of agreement, Dr. Reddy’s will receive $6 million upfront upon closing followed by $9 million one year from closing.
Further, it is eligible to receive event-based, sales-based milestones and quarterly earn-out payments, Dr. Reddy’s said in a release on Wednesday. CEO Erez Israeli said “we are confident in BDSI’s expertise and believe in their ability to realise the full potential of Elyxyb.”
The closing of the transaction is subject to completion of customary closing conditions, including the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended, the company said.