Alchemia anticoagulant launches in India

Alchemia (ASX:ACL) has announced the launch of fondaparinux - the generic version of GlaxoSmithKline’s injectable anticoagulant Arixtra - in its first market outside of the US.

The company’s marketing partner for fondaparinux, Dr Reddy’s Laboratories, has launched the anticoagulant in India. Dr Reddy’s will sell the product there as a branded generic named Fondared for the prevention and treatment of deep vein thrombosis.

Alchemia will be entitled to a 25% cut of all profits from Dr Reddy’s sales of generic fondaparinux in India and in any further markets outside of the US. Dr Reddy’s last year filed for marketing approval in Europe.

Dr Reddy’s launched the product in the US in July 2011. Around a year later, the company had recouped the development costs from the product and started paying Alchemia a share of the profits.

In calendar Q4, Dr Reddy’s recorded US net sales of fondaparinux totalling US$12.3 million ($11.7 million), from which Alchemia received US$3.4 million.

Alchemia last month raised $10.2 million in a placement to help fund subsidiary Audeo Oncology’s phase III trial of chemotherapy drug candidate HA-Irinotecan in metastatic colorectal cancer.

The company is planning to spin off Audeo Oncology into a stand-alone business, leaving the parent free to focus on producing fondaparinux for Dr Reddy’s, but was forced to call off its first attempt at a demerger late last year.

Alchemia shares were trading 1.52% lower at $0.325 as of around 1.30 pm on Thursday.