Dr. Reddy's forms Perlecan Pharma, raises $52.5 million

By Jennifer Chiou

New York, Sept. 28 - Dr. Reddy's Laboratories announced the formation of Perlecan Pharma Private Ltd., India's first integrated drug development company.

The new company raised $52.5 million from Citigroup Venture Capital International Growth Partnership Mauritius Ltd., Icici Venture Funds Management Co. and Dr. Reddy's.

Perlecan Pharma will take over the rights, develop and out-license four Dr. Reddy's compounds, which include DRF 10945, DRF 16536 and DRF 11605 for metabolic disorders and RUS 3108 for cardiovascular disease.

"The formation of Perlecan acts as a precursor to many more exciting partnerships in the area of drug discovery and development for the Indian pharmaceutical industry," said Dr. Reddy's chairman Anji Reddy.

"We have made significant progress in the last decade in building a strong drug discovery platform and look forward to further building on this foundation to realize Perlecan Pharma's potential."

Perlecan will issue warrants to Dr. Reddy's with an exercise price based on development milestones.

Details on financial terms and agreement conditions were not disclosed.

Based in Hyderabad, India, Dr. Reddy's is a pharmaceutical focused on diabetes, cardiovascular diseases, anti-infectives, inflammation and cancer.

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