Dr. Reddy's Laboratories Ltd. has entered into a definitive asset purchase agreement, pursuant to which Dr. Reddy's will sell its U.S. and Canada territory rights for ELYXYB (celecoxib oral solution) 25 mg/ml, to BioDelivery Sciences International, Inc. (BDSI).

Under the terms of agreement, Dr.Reddy's will receive U.S. $6 million upfront upon closing followed by U.S. $9 million one year from closing. Further, Dr. Reddy's is eligible to receive event based, sales based milestones and quarterly earn-out payments.

ELYXYB (previously known as DFN-15) is indicated for the acute treatment of migraine with or without aura in adults.

The closing of the transaction is subject to satisfactory completion of customary closing conditions including the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended.

Erez Israeli, Chief Executive Officer, Dr. Reddy's Laboratories said, "ELYXYB reaffirmed our commitment to innovation and to develop meaningfully differentiated products that address significant unmet needs of patients. ELYXYB is an oral solution dosage form which makes it convenient for patients to take it immediately upon emergence of migraine attacks. Further, we are confident in BDSl's expertise and believe in their ability to realize the full potential of ELYXYB."