Dr Reddy's Laboratories Ltd. on Friday has terminated its February 11, 2022 agreement with Novartis India Ltd for the distribution and promotion of select brands in India, according to an exchange filing.
The termination allows a change in the controlling shareholding of Novartis India, Dr Reddy's said in the filing. The company will continue to commercialise the brands covered under the agreement until September 30, 2026.
Under the agreement, Dr Reddy's had been granted the exclusive and non-transferable right to promote, distribute and sell certain products specified in the agreement.
In a separate exchange filing, Novartis India said that following the termination of the agreement, it will re-acquire exclusivity and secure market access for the products for which Dr Reddy's had been granted exclusive rights to promote, distribute and sell.
No financial impact or additional details regarding the termination were disclosed in the filings. The companies also did not specify the brands covered under the agreement or provide further information on the change in the controlling shareholding of Novartis India.
Novartis India operates across therapeutic areas including pain management, calcium supplementation, gynaecology, neurosciences and transplant immunology, with brands such as Voveran, Calcium Sandoz and Tegrital, among others.
Separately, Dr Reddy's Laboratories recently launched a generic version of Sugammadex injection in the US, which is indicated to reverse the effects of muscle relaxants administered during surgery.
The company launched Sugammadex injection in 200 mg/2 mL and 500 mg/5 mL single-dose vials. The product is a generic equivalent of Bridion, a registered trademark of Merck Sharp & Dohme BV.
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