Pharma firm Dr. Reddy's Laboratories on Monday announced the signing of a multi-million dollar commercialisation deal with Hatchtech, an Australian pharmaceutical company developing an anti-headlice Xeglyze lotion.
The exclusive rights for this product are applicable for the US, Canada, India, Russia and the CIS, Australia, New Zealand and Venezuela.
Hatchtech also announced it will file its New Drug Application for Xeglyze with the US Food and Drug Administration (FDA).
If approved, the product will be marketed in the US by Promius Pharma, a wholly owned specialty company of Dr. Reddy's.
As part of the agreement, Dr. Reddy's will pay Hatchtech an upfront amount of $10 million, up to $50 million based on pre commercialisation milestones and an undisclosed amount based on post commercialization milestones, linked to achievement of annual net sales targets, said a statement by Hyderabad-based firm.
Hatchtech last year announced positive results from its two pivotal Phase 3 clinical studies evaluating Xeglyze lotion as a potential treatment for head lice infestation.
The active drug substance was developed in collaboration with Dr. Reddy's Custom Pharmaceutical Services (CPS) business unit.