The Indian pharmaceutical company will obtain the Cidmus trademark in India and is allowed to use the Cidmus brand on the pharmaceutical composition comprising Valsartan and Sacubitril combination
Dr. Reddy’s biopharma finished dosage unit in Hyderabad. (Credit: Arichuvadi/Wikipedia)
Indian pharmaceutical firm Dr Reddy’s Laboratories has signed an agreement to acquire Novartis’ cardiovascular brand in India, Cidmus, for $61m.
Under the terms of the purchase agreement, the Indian pharmaceutical company will be assigned and transferred the Cidmus trademark in India from Novartis.
Dr Reddy’s can now use the Cidmus brand on the pharmaceutical composition comprising Valsartan and Sacubitril combination.
The drug is indicated for the treatment of heart failure patients with reduced ejection fraction and is available in three dose strengths.
The move follows the company’s exclusive sales and distribution agreement with Novartis, for the latter’s established medicines, including Voveran, Calcium, and Methergine.
Novartis India said that the partnership will combine its manufacturing and development synergies with Dr Reddy’s sales and distribution capabilities.
The strategic decision is expected to impact around 400 employees, due to redundancies. Novartis India has extended the severance package along with outplacement services.
Cidmus adds to the company’s existing cardiovascular portfolio, which includes Stamlo, Stamlo Beta, Reclide-XR and Reclimet-XR brands.
Dr Reddy’s said it will work to engage with healthcare professionals and to enhance the reach of the product in metro cities, along with tier-I and tier-II markets in India.
The company intends to deploy its broad marketing and distribution network to offer a trusted portfolio of medicines to Indian patients.
In a separate development, Dr Reddy’s and Canadian pharmaceutical company MediCane Health have rolled out their medical cannabis product in Germany.
Under the collaboration agreement signed last year, MediCane will supply the medical cannabis products to Dr Reddy’s from its EU GMP-certified facilities in Portugal, along with logistical and regulatory support.
The Indian pharmaceutical firm will serve as the exclusive distributor of MediCane’s medical cannabis products in Germany, under its own brand.
The two companies have also signed an agreement for the co-funding of Phase 2 clinical trial of a cannabis product for behavioural and psychological symptoms of dementia (BPSD).
BPSD is characterised by a spectrum of common non-cognitive and non-neurological symptoms of dementia, such as agitation, aggression, psychosis, depression, and apathy.
In November 2020, Dr Reddy’s has agreed to acquire Glenmark Pharmaceuticals’ select anti-allergy brands in Russia, Ukraine, Kazakhstan and Uzbekistan.