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Sun Pharma in License agreement of 240 crore rupees with IICT Hyderabad
Sun Pharma will be responsible for the development, regulatory filings, manufacturing and marketing of potential products.
Sun Pharmaceutical Industries has entered into a 240 crore Rs global licensing deal for developing new drugs with the Indian Institute of Chemical Technology, Hyderabad under the Council of Scientific and Industrial Research Indian (CSIR).
The company said the agreement, in which Sun Pharma will obtain an exclusive global license for patents, is part of its broader strategy to improve its global portfolio of specialities. The agreement includes patents related to certain compounds with potential therapeutic activity through multiple indications in Sun Pharma's speciality areas, the Mumbai-based pharmaceutical company said in a regulatory presentation on Wednesday.
As part of the deal, the CSIR-Indian Institute of Chemical Technology (CSIR-IICT) will get upfront and milestone payments totalling up to Rs. 240 crore and royalties on net sales from the commercialisation of the products developed using these patents, Sun Pharma said.
Sun Pharma will be responsible for the development, regulatory filings, manufacturing and marketing of potential products.
Dilip Shanghvi, managing director, Sun Pharmaceutical Industries, said, "This collaboration with CSIR-IICT for developing new drugs is part of our broader strategy for enhancing our global speciality pipeline."
"CSIR-IICT is well-known for its high-quality research, and we are proud to be associated with them," he added.
Sun Pharma said successful clinical development of these potential compounds might enable it to commercialise pharmaceutical products for various therapeutic indications over the long term.
Sun Pharma shares fell 6.72 per cent during the session, before settling 4.69 per cent lower for the day at Rs. 417.05 apiece on the BSE, underperforming the benchmark Sensex index which finished up 0.96 per cent. Earlier this week, it reported a net profit of Rs. 1,387.48 crore in the quarter ended June 30, marking a year-on-year jump of 31.23 per cent.
