Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY, hereafter referred to as "Dr. Reddy's") today announced that it has entered into an exclusive partnership with South Korea-based HK inno.N Corporation (KOSDAQ: 195940), for the supply and commercialisation of HK inno.N Corporation's patented novel molecule Tegoprazan for gastrointestinal diseases in India and six key Emerging Markets.
HK inno.N Corporation's Tegoprazan, a molecule containing novel potassium-competitive acid blockers (PCABs), is an innovative potent and highly selective inhibitor of gastric H+/K+ -ATPase that will provide a new option for the treatment of gastric acid-related and motility-impaired diseases such as Erosive/Non-erosive Gastroesophageal Reflux Disease (GERD / NERD), Gastric and Duodenal ulcers, Nonsteroidal anti-inflammatory drug-mediated ulcers, and Helicobacter pylori eradication. Tegoprazan induces fast onset of action and can control gastric pH for a prolonged period, potentially offering significant clinical benefit in acid-related disorders. Tegoprazan is already approved in South Korea and China, and is under registration and clinical development in several countries globally, including USA.
Under this partnership, HK inno.N Corporation will be responsible for the manufacture and supply of Tegoprazan, while Dr. Reddy's will be responsible for local clinical development, registration, marketing and sales in the licensed territories. The agreement grants Dr. Reddy's the exclusive rights to develop and commercialise Tegoprazan under its own trademark in these markets for 10 years from the first commercial launch. HK inno.N Corporation will receive an upfront licensing fee, and will be eligible for potential regulatory milestone payments and royalties on net product sales.
M.V. Ramana, CEO - Branded Markets (India & Emerging Markets), Dr. Reddy's, said: "Our partnership with HK inno.N Corporation brings their expertise in novel P-CABs together with our well-established commercial strengths and growth ambition in India and key emerging markets. Gastroenterology has been a key focus area for us. This collaboration is a multi-country deal for a novel molecule that addresses unmet needs in India and emerging markets as we continue our commitment to patients and our innovation agenda in keeping with our purpose of Good Health Can't Wait."
Dal-Won Kwak, CEO, HK inno.N Corporation, said: "We are pleased to partner with Dr. Reddy's for key Emerging Markets. The commercial strengths of Dr. Reddy's makes it the ideal partner to commercialise our novel molecule Tegoprazan in these territories. With this collaboration, we look forward to further strengthening the value of our innovation in global markets."
Shares of Dr. Reddy's Laboratories Limited was last trading in BSE at Rs. 3911.55 as compared to the previous close of Rs. 3908.50. The total number of shares traded during the day was 5072 in over 1237 trades.
The stock hit an intraday high of Rs. 3934.80 and intraday low of 3891.05. The net turnover during the day was Rs. 19856328.00.