Dr Reddy's buys Intellectual Property Rights for anti-coagulant drug for $17.5 million

New Delhi: Dr Reddy's has completed the purchase of worldwide exclusive Intellectual Property Rights (IPR) for Fondaparinux sodium, its generic anti-coagulant drug, from Australian partner Alchemia for $17.5 million (around Rs 115 crore).

The company had earlier inked a term sheet for this transaction in September.

Alchemia's shareholders approved the sale of Fondaparinux at the company's annual general meeting held on November 10, post which Dr Reddy's and Alchemia have executed a purchase and sale agreement, together with various patent assignment deeds, Dr Reddy's Laboratories said in a statement.

"Alchemia has received $17.5 million from Dr Reddy's as consideration for the sale. The agreement is effective July, 2015," it added.

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).

Dr Reddy's shares today closed at Rs 3,377, down 1.83 per cent on BSE.