Citigroup Venture Capital International Growth Partnership Mauritius Ltd and ICICI Venture Funds Management company will contribute $22.5 million each and Dr Reddys will give $7.5 million towards Perlecan Pharma's initial equity capital, it informed the Bombay Stock Exchange.
Perlecan will issue warrants to the company, which will be exercised inter alia based on the development milestones.
Under the transaction, Dr Reddy's and Perlecan Pharma will enter into agreements covering the transfer of all titles and rights including the development and commercialisation rights of four new chemical entity assets to Perlecan Pharma, it said.
Perlecan Pharma will be engaged in the clinical development and out-licensing of the NCE assets and advance their clinical development received from the company through Phase II and thereafter seek out-licensing, co-development or joint commercialization opportunities.
Perlecan will be managed by an independent board and an executive management team, it said. The company will be offered commercial rights to Russia, India, China and other countries in the Commonwealth of Independent states at fair market value for all NCE assets of Perlecan Pharma, it added.
However, the exact financial terms and conditions of the agreement with financial investors have not been disclosed by the company.
© 2025