Dr Reddy's Laboratories Limited announced on Tuesday that its wholly-owned subsidiary Promius Pharma has sold its rights of Cloderm (Clocortolone pivalate) cream, and its authorised generic to EPI Health, LLC.
Under the terms of the agreement, Promius Pharma is eligible to receive an upfront payment followed by future royalties as the consideration for the Cloderm cream and its authorised generic in the US effective immediately, according to the company. EPI group is a privately held company headquartered in Charleston, South Carolina, USA.
"We look forward to EPI continuing to support Cloderm, a brand that providers have prescribed for several decades and find as an important treatment option for their patients," said Anil Namboodripad, senior vice president, Proprietary Products and President, Promius Pharma.
In 2011 Promius Pharma entered a collaborative agreement with Valeant Pharmaceuticals International, Inc. to manufacture, distribute and market Cloderm cream in the US by offering an upfront payment and royalties on sale of the product. Cloderm cream contains a medium potency topical corticosteroid and is used for treating dermatitis and other skin conditions.
Dr Reddy's did not elaborate on the reasons for the sale of its rights of Cloderm.