Dr Reddy's purchases Fondaparinux sodium property rights for $17.5 million
Dr Reddy's had signed a term sheet for this transaction in September 2015. However, the agreement will be effective from July 2015Indian drug major Dr Reddy's Laboratories on Wednesday announced that it has completed the purchase of the worldwide exclusive intellectual property rights (IPR) for Fondaparinux sodium, its generic anti-coagulant drug from its Australian partner Alchemia Ltd. worth $17.5 million. “Alchemia’s shareholders approved the sale of Fondaparinux at the company’s annual general meeting held on November 10, following which Dr Reddy’s and Alchemia have executed a purchase and sale agreement, together with various patent assignment deeds,” Dr Reddy's said in a statement. Earlier, Dr Reddy's had signed a term sheet for this transaction in September 2015. However, the agreement will be effective from July 2015. Fondaparinux is a highly recommended drug for use in acute coronary syndrome. This drug has received approvals from the American College of Chest Physicians and the European Society of Cardiology. Fondaparinux is a generic version of the anti-coagulant drug Arixtra and is useful in the treatment of deep vein thrombosis and pulmonary embolism. This drug also prevents thrombosis caused after a major surgery such as knee and hip replacement. Fondaparinux is a synthetic pentasaccharide - a drug which is difficult to be manufactured on a commercial scale. “Alchemia has granted patents over novel synthetic pathways that prevent others from using their proprietary process to manufacture it till 2022,” Dr Reddy’s said.
November 18, 2015 | 1:36pm IST.
to success.