Dr. Reddy's closes transaction on Fondaparinux sodium, a generic anti-coagulant drug

PRINCETON, N.J. – Dr. Reddy's Laboratories on Friday announced 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. 

 

Earlier, the company had signed a term sheet for this transaction in September. Alchemia’s shareholders approved the sale of Fondaparinux at the company’s annual general meeting held on Nov. 10, after which 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.