Featured Company News – Dr. Reddy’s Laboratories Announces the Out-Licensing of DFD-06 to Encore Dermatology

Research Desk Line-up: Taro Pharma Industries Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 24, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Dr. Reddy’s Laboratories Ltd (NYSE: RDY) (“Dr. Reddy’s”), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=RDY. The Company announced on August 22, 2017, that through its wholly-owned subsidiary, it has out-licensed the future development, manufacturing, and commercialization rights of DFD-06, a topical high potency steroid, to Encore Dermatology, Inc. (“Encore”). The drug is intended to be used for the treatment of moderate to severe plaque psoriasis. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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The Announcement

Under the terms of the agreement, Encore will be responsible for the commercialization of DFD-06 in the United States. Promius Pharma is eligible to receive certain pre- and post- commercialization milestone payments up to $32.5 million, followed by fixed royalty payments on net sales. The Company believes that Encore and its management team are well positioned to realize the full potential of the DFD-06 asset while it looks forward to obtaining NDA approval this fall, thus enabling Encore’s management team to quickly deliver this product to the providers and their patients. Encore is a fully-integrated dermatology Company with a mission to deliver innovative prescription therapies and medical devices to dermatologists focusing on customer service and improving the quality-of-life of patients.

On July 27, 2017, Dr. Reddy’s announced the results for the quarter ended June 30, 2017, where it reported net revenues of $33.2 billion representing a YOY growth of 3%. The Company’s gross profit margin was 51.6%, declining 460 basis points over Q1 FY17. The Research and Development expenses were $5.1 billion, or 15.3% of revenues. The Company stated that its Q1 FY18 results were below expectations as price erosion due to US customer consolidation continued; a lower contribution from new product launches in the US was observed, and the GST implementation in India impacted its performance. The Company reported several successful inspections during the quarter while it continued to focus on strengthening its manufacturing and quality systems, revitalizing growth, and creating a leaner and agile organization.

The Dr. Reddy’s-CHD Bioscience Agreement

Dr. Reddy’s Laboratories and CHD Bioscience, Inc., a private biopharmaceutical Company, collectively announced a global licensing agreement for the clinical development and commercialization of Dr. Reddy’s Phase-III clinical trial candidate, DFA-02, intended to be used for the prevention of surgical site infections, following non-emergency, elective colorectal surgery. Phase-II studies for DFA-02 have been successfully completed, and the product will be transitioning to pivotal Phase-III Registration studies. The Company viewed this announcement as a step to better serve the needs of patients undergoing surgery which are set to be well-served by CHD Bioscience, owing to their strong focus on offering targeted solutions for surgical site infections.

Last Close Stock Review

On Wednesday, August 23, 2017, Dr. Reddy’s Laboratories’ stock closed the trading session at $31.24, slightly up 0.42% from its previous closing price of $31.11. A total volume of 240.11 thousand shares were exchanged during the session. Shares of the Company have a PE ratio of 29.28 and have a dividend yield of 0.99%. The stock currently has a market cap of $5.28 billion.

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