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Dr Reddy's Labs sells cancer drug to Citius Pharma for $110-M

BSE Announcement  

Publicly listed, Hyderabad-based Dr Reddy's Laboratories Ltd has entered into a definitive agreement with US-based 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 USD 40 million on closure of the transaction for the sale of E7777, which is engineered IL-2-diptheria toxin infusion protein. It will be followed by a milestone payment of USD 40 million related to the approval of the CTCL (cutaneous T-cell lymphoma) indication and up to USD 70 million for additional indication approvals. Dr Reddy's will also receive certain sales-based milestones and tiered earn-out payments. Dr. Reddy's had acquired the exclusive global rights (excluding Japan and Asia) to E7777 from Eisai Co Ltd in March 2016.