Dr. Reddy's Closes $17.5 Mln Purchase Of Fondaparinux IP Rights From Alchemia

(RTTNews) - Dr. Reddy's Laboratories (RDY), an India-based pharmaceutical company, announced Wednesday that it has completed the purchase of worldwide exclusive intellectual property rights for Fondaparinux sodium, its generic anti-coagulant drug, from its Australian partner, Alchemia Limited, a drug discovery and development company. Earlier, the company had signed a term sheet for this transaction in September, 2015.

Alchemia's shareholders approved the sale of Fondaparinux at the Company's annual general meeting held on November 10. Following this, Dr. Reddy's and Alchemia have executed a purchase and sale agreement, together with various patent assignment deeds.

Alchemia has received $17.5 million from Dr. Reddy's as consideration for the sale. The agreement is effective July, 2015.

Fondaparinux is a generic version of the anticoagulant drug Arixtra, which is approved in the US and Europe for the treatment of deep vein thrombosis and pulmonary embolism.

Alchemia markets Fondaparinux in the US and other markets, via partner Dr. Reddy's Laboratories.