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Dr. Reddy's To Sell Migraine Drugs Tosymra, Zembrace To Upsher-Smith Labs

Dr. Reddy's Laboratories Ltd. (RDY,DRREDDY) announced Friday that it has entered into a definitive agreement to sell its neurology branded products to Upsher-Smith Laboratories, LLC.

The company would sell its US and select territory rights for ZEMBRACE SYMTOUCH (sumatriptan injection) 3 mg and TOSYMRA (sumatriptan nasal spray) 10 mg, formerly referred to as "DFN-02". These are commercialized through the company's unit Promius Pharma, LLC.

Under the deal, Dr. Reddy's will receive $70 million as upfront consideration, $40.5 million in near term milestones, as well as additional financial considerations including existing contractual obligation and inventory.

Subsequently, Dr. Reddy's will receive sales based royalties on a quarterly basis.

The closing of the sale is subject to various customary closing conditions including antitrust review under Hart-Scott-Rodino Act.

Anil Namboodiripad, Senior Vice President, Proprietary Products and Head, Promius Pharma, said, "Tosymra and Zembrace were designed and developed with the goal of addressing unmet needs of large but discrete segments of patients suffering from episodic migraine who need options other than their current therapies."

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