Dr. Reddy’s Laboratories’ wholly owned U.S. subsidiary Promius Pharma has sold rights of Cloderm (clocortolone pivalate) cream and its authorised generic to EPI Health.
Under the agreement, Promius Pharma is eligible to receive an upfront payment followed by future royalties as the consideration for Cloderm cream and its authorised generic in the U.S., effective immediately, Dr. Reddy’s said on Tuesday.
The Hyderabad-headquartered drug maker had in April 2011 acquired the right to manufacture, distribute and market in the U.S. Cloderm cream from Valeant Pharmaceuticals for an undisclosed sum. The cream is used to treat inflammation and itching caused by certain skin conditions.
The financials of the present sale were also not disclosed. EPI Health is privately held and based in Charleston, South Carolina. EPI Health president Ron Owens said Cloderm cream and the authorised generic are widely recognised and time-tested among the dermatology community.