Dr. Reddy's Labs Signs Commercialization Deal With Hatchtech - Quick Facts

(RTTNews) - Dr. Reddy's Laboratories (RDY), an India-based pharmaceutical company, said it has signed a commercialization deal with Hatchtech, an Australian pharmaceutical company developing an innovative prescription head lice product, Xeglyze Lotion.

The company noted that the exclusive rights for this product are applicable for the territories of United States, Canada, India, Russia and the CIS, Australia, New Zealand and Venezuela.

Additionally, Hatchtech announced it will be filing its New Drug Application for Xeglyze with the US Food and Drug Administration or FDA today. If approved, the product will be marketed in the United States by Promius Pharma, a wholly-owned specialty company of Dr. Reddy's Laboratories.

As part of the agreement, Dr. Reddy's will pay Hatchtech an upfront amount of US $10MM, up to US $50 million based on pre commercialization milestones and an undisclosed amount based on post commercialization milestones, linked to achievement of annual net sales targets.

In September 2014, Hatchtech announced positive results from its two pivotal Phase 3 clinical studies evaluating Xeglyze™ Lotion as a potential treatment for head lice infestation.