Xenoport sells US rights to XP 23829 treatment for psoriasis to Dr Reddy .
Dr. Reddy's Laboratories and XenoPort, Inc. announced that they have entered into a license agreement pursuant to which Dr. Reddy's Laboratories will be granted exclusive U.S.rights for the development and commercialization of XenoPort's clinical-stage oral new chemical entity, XP 23829. Dr. Reddy's Laboratories plans to develop XP 23829 as a potential treatment for moderate-to-severe chronic plaque psoriasis and may potentially develop XP 23829 for relapsing forms of multiple sclerosis (MS).
Under the terms of the agreement, Dr. Reddy's Laboratories will receive exclusive U.S. rights to develop and commercialize XP 23829 for all indications. In exchange for these rights, XenoPort will receive a $47.5 million up-front payment and an additional $2.5 million for transfer of certain clinical trial materials to Dr. Reddy's Laboratories. XenoPort will also be eligible to receive up to $190 million upon the achievement by Dr. Reddy's Laboratories of certain regulatory milestones, which could be achieved over a period of several years. In addition, XenoPort will be eligible to receive up to $250 million upon the achievement of commercial milestones, and up to mid-teens royalty payments based on potential net sales of XP 23829 in the United States.
Comment: XP 23829 has met its primary endpoint in Phase II trials in the US although commentaries on the results were "mixed" .
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