Dr Reddy's Lab inks licensing pact with US-based Slayback Pharma

Dr Reddy's Laboratories on Saturday said it has entered into a pact with US-based Slayback Pharma to acquire rights of a medication to relieve redness of the eyes.

The company has inked a licensing pact with the NewJersey-based drug firm to acquire rights in Brimonidine Tartrate Ophthalmic Solution 0.025 percent, the Hyderabad-based firm said in a statement.

The company's product is equivalent to Lumify, an over-the-counter (OTC) eyedrop, that can be used to relieve redness of the eye due to minor eye irritations.

The agreement also provides Dr Reddy's exclusive rights to the product outside the US, Dr Reddy's Laboratories said.

As per industry estimates, the value of the total addressable market for this product in the US is around USD 130 million for the 52 weeks ending June 12, 2022.