HYDERABAD, India & WINDSOR, England--(BUSINESS WIRE)--Dr. Reddy’s Laboratories (NYSE: RDY - News) and ClinTec International announced today that they have entered into an agreement for the joint development of an anti-cancer compound, DRF 1042, belonging to the Topoisomerase inhibitors class of compounds for use as potential treatment of various types of cancer.
Dr. Reddy’s has completed Phase I clinical trials for DRF 1042 in India. Under the terms of the agreement, Dr. Reddy’s and ClinTec International will co-develop DRF 1042; undertaking Phase II and Phase III clinical trials, with the aim of securing USFDA and EMEA approvals.
Under the terms of the agreement, Dr. Reddy’s retains the commercialization rights for the U.S. and rest of the world markets (excluding ClinTec International territories). ClinTec International will be granted the commercialization rights for most of Europe including major European markets.
On commercialization of the product, Dr. Reddy’s will receive royalty on sales by ClinTec International in its designated territories and ClinTec International will receive royalty on sales by Dr. Reddy’s in the U.S. In the event, either party out-licenses the drug product, the proceeds from such an arrangement will be shared by both the parties in a pre-determined ratio (excluding Dr. Reddy’s territories outside the US). Dr. Reddy’s will also retain the exclusive rights to supply commercial quantities of the drug product.
The financial terms of the agreement have not been disclosed.
Commenting on the co-development and commercialization deal, GV Prasad, Chief Executive Officer, Dr. Reddy’s Laboratories, said, “We are excited about the R&D collaboration with ClinTec International as it will bring a very exciting cancer drug to the market and is a step forward in our efforts to transform ourselves into a discovery led global pharmaceutical company. ClinTec International brings to this partnership their vast experience and in-depth expertise in the anti-cancer clinical development space. We look forward to this exciting collaboration with ClinTec International.”
Dr Rabinder Buttar, President & CEO of ClinTec International, added, “We are delighted to be working with Dr Reddy’s, which has a strong reputation in the global pharmaceutical industry. We are impressed with the quality and commitment of Dr. Reddy’s clinical research staff with whom we have worked for sometime and we are proud to build on our existing relationship with this company. We are also proud that ClinTec International’s expertise and experience in clinical drug development has been recognized by Dr Reddy’s and we look forward to a mutually beneficial long term collaboration.”
About Dr. Reddy’s
Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY - News) is an emerging global pharmaceutical company with proven research capabilities. The Company is vertically integrated with a presence across the pharmaceutical value chain. It produces finished dosage forms, active pharmaceutical ingredients and biotechnology products and markets them globally, with focus on India, US, Europe and Russia. The Company conducts research in the areas of diabetes, cardiovascular, anti-infectives, inflammation and oncology.
About ClinTec International
ClinTec International is a privately owned full service global clinical research organization, which was founded in 1997 by Dr Rabinder Buttar, the company’s President & CEO. ClinTec International is headquartered in Windsor, UK and has a presence in more than 30 countries covering most of Europe, Middle East, North and South Africa and India. As well as working in the oncology field, ClinTec International has conducted over 100 clinical trials in many other therapeutic areas including anti-infectives, cardiology, dermatology, gastroenterology, neurology, oncology, respiratory medicine and rheumatology. ClinTec International excels in conducting clinical studies in diverse geographical locations, supported by a team of world class project managers and clinical research associates. ClinTec International’s ‘fast, flexible and focused’ approach to clinical research ensures an added advantage to the drug development process.
Disclaimer
This press release includes forward-looking statements, as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such factors include, but are not limited to, changes in local and global economic conditions, our ability to successfully implement our strategy, the market acceptance of and demand for our products, our growth and expansion, technological change and our exposure to market risks. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future.
Contact: Dr. Reddy’s: Investors and Financial Analysts: Nikhil Shah, +91-40-55511532 nikhilshah@drreddys.com or Media: M Mythili, +91-40-55511620 mythilim@drreddys.com or ClinTec International: Mr Bobby Bal, +44 (0) 1753 834 060 Fax: +44 (0) 1753 622 904 bbal@clintec.com www.clintec.com
Source: Dr. Reddy’s Laboratories
