(RTTNews) - Dr. Reddy's Laboratories Ltd. (RDY) announced that it has agreed with Citius Pharmaceuticals, Inc. to sell all of its rights to E7777, an engineered IL-2-diphtheria toxin fusion protein, and certain related assets.
Under deal terms, Dr. Reddy's said it will get $40 million upfront upon the closing of the transaction, followed by approval milestone payment of up to $40 million related to the CTCL or cutaneous T-cell lymphoma indication approval and up to $70 million for additional indication approvals.
Further, Dr. Reddy's stated that it will receive certain sales-based milestones and tiered earn-out payments.
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