Dr. Reddy's Laboratories today 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, 2015.
Alchemia’s shareholders approved the sale of fondaparinux at the company’s annual general meeting held on November 10, 2015, post which Dr. Reddy’s and Alchemia have executed a purchase and sale agreement, together with various patent assignment deeds. Alchemia has received USD 17.5 million from Dr. Reddy’s as consideration for the sale. The agreement is effective July, 2015.
Fondaparinux is a generic version of the anticoagulant drug Arixtra which is approved in the US and Europe for the treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE). Arixtra is also indicated for the prevention of DVT after major surgery, such as knee and hip replacement.
Fondaparinux is recommended by the American College of Chest Physicians and received the European Society of Cardiology’s highest recommendation for use in acute coronary syndrome. Fondaparinux is a synthetic pentasaccharide which is difficult to manufacture on a commercial scale. Alchemia has granted patents over novel synthetic pathways that prevent others from using Alchemia’s proprietary process to manufacture fondaparinux until at least 2022.
Alchemia is a drug discovery and development company marketing fondaparinux in the US and other markets, via partner Dr. Reddy’s Laboratories.