Benzinga | Jun 30, 2021 11:29AM EDT

Dr. Reddy's Lab, Fortress Biotech Ink DFD-29 Collaboration Pact For Chronic Skin Disorder

* Journey Medical Corporation, a partner company of Fortress Biotech Inc (NASDAQ:FBIO), has entered into a collaborative development and commercialization agreement with Dr. Reddy's Laboratories Ltd (NYSE:RDY) for the DFD-29 (Minocycline Modified Release Capsules 40 mg) for the treatment of rosacea.

* Journey Medical has acquired global commercialization rights, including the U.S. and Europe, except that Dr. Reddy's has retained certain rights to the program in select markets, including Brazil, Russia, India, and China.

* The parties will work together to complete the development of DFD-29. Dr. Reddy's will provide development support, including the monitoring of two Phase 3 trials.

* A Phase 2 study in Germany was completed in which DFD-29 demonstrated statistical significance to both placebo and active control on both co-primary endpoints.

* Rosacea is a chronic, relapsing skin condition characterized mainly by deep facial redness, spider veins (telangiectasia), and acne-like inflammatory lesions (papules and pustules).

* Price Action: FBIO shares are up 0.14% at 3.63, and RDY shares are up 0.01% at $73.47 during the market session on the last check Wednesday.