Dr Reddy's Laboratories, an integrated global pharmaceutical company, entered into a definitive asset purchase agreement, pursuant to which Dr. Reddy's will sell its U.S. and Canada territory rights for ELYXYB (celecoxib oral solution) 25 mg/ml, to BioDelivery Sciences International, Inc. (BDSI).

Under the terms of agreement, Dr.Reddy's will receive USD 6 million upfront upon closing followed by USD 9 million one year from closing.

Further, Dr. Reddy's is eligible to receive event based, sales based milestones and quarterly earn-out payments. EL YXYB (previously known as DFN-15) is indicated for the acute treatment of migraine with or without aura in adults.

The closing of the transaction is subject to satisfactory completion of customary closing conditions including the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended.

Erez Israeli, Chief Executive Officer of Dr. Reddy's Laboratories, said, "EL YXYB reaffirmed our commitment to innovation and to develop meaningfully differentiated products that address significant unmet needs of patients. EL YXYB is an oral solution dosage form which makes it convenient for patients to take it immediately upon emergence of migraine attacks. Further, we are confident in BDSl's expertise and believe in their ability to realize the full potential of EL YXYB."

 Shares of the company declined Rs 21.85, or 0.46%, to trade at  Rs 4,761.45.  The total volume of shares traded  was 9,014 at the BSE (10.50 a.m.,Friday).