Ranbaxy Laboratories has acquired the patents and trademarks for disposable auto-injector device from Senetek PLC. The device helps patients to self-administer parenteral drugs. The company has also acquired automated manufacturing assets for production of the device.
Ranbaxy will pay a non-refundable initial payment on signing the purchase agreement, which will be followed by milestone payments based on regulatory approvals and cumulative sales targets. The company would also pay a percentage of the sales revenues from the product to Senetek. The exact amount of payments due to Senetek has not been disclosed.
The product would be initially marketed in the US pre-filled with epinephrine, an emergency treatment for allergic reactions. Ranbaxy said it would consider marketing the device with Senetek's patented drug for erectile dysfunction, similar to Pfizer's Viagra.
Ranbaxy would obtain all regulatory approvals and market the device. The company would set up a manufacturing facility in the US for the device and would also consider manufacturing erectile dysfunction drug from Senetek at a future date.
Rambaxy is trading at Rs406.2 (up 1.06 per cent) at 12.07 PM on the NSE today.