Dr. Reddy’s Labs to sell certain rights for ELYXYB to BioDelivery Sciences
Dr. Reddy’s Laboratories (Dr. Reddy’s Labs) has agreed to divest its US and Canada rights for migraine drug — ELYXYB (celecoxib oral solution) 25 mg/ml, to BioDelivery Sciences International (BDSI) in a deal worth $15 million-plus earn-outs.
As per the terms of the deal, the Indian pharma company will be paid $6 million upfront upon closing. After one year from the closing of the deal, it will be paid $9 million apart from being eligible to get event based, sales based milestones, and quarterly earn-out payments.
Previously called DFN-15, ELYXYB is indicated for the acute treatment of adults with migraine with or without aura.
Erez Israeli — CEO of Dr. Reddy’s Laboratories said: “ELYXYB reaffirmed our commitment to innovation and to develop meaningfully differentiated products that address significant unmet needs of patients.
“ELYXYB is an oral solution dosage form which makes it convenient for patients to take it immediately upon emergence of migraine attacks. Further, we are confident in BDSl’s expertise and believe in their ability to realize the full potential of ELYXYB.”
The closing of the deal is subject to customary closing conditions, which include the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended.