Under terms of the license agreement, Sun Pharma will pay SPARC an upfront payment of US$ 20 million. SPARC will also be eligible to receive up to US$ 125 million as milestone payments contingent upon the achievement of clinical, regulatory and sales milestones, as well as tiered royalties on sales.
Sun Pharma will be responsible for the development, regulatory filings, manufacturing and commercialization of the product globally.
“SPARC is committed to progressing its pipeline to address the needs of patients. We are proud to be partnering with a global organization with a footprint in auto-immune disorders” said Anil Raghavan, CEO, SPARC. This agreement with Sun Pharma follows the recent announcement that SPARC has acquired Bioprojet SCR’s share of rights to SCD-044.
“The in-licensing of SCD-044 adds to our specialty pipeline of innovative dermatology products. It also demonstrates our commitment to this important segment with significant unmet medical needs. SCD-044 may offer an alternate treatment option for patients in this segment who require systemic treatment and may offer benefits in terms of efficacy and safety over existing oral treatments for this population. SCD-044 has the potential to improve the current oral standard of care.” said Dilip Shanghvi, Managing Director, Sun Pharma.
SPARC stock ended at Rs135.15 up by Rs8.5 or 6.71% from its previous closing of Rs126.65 on the BSE.
Sun Pharmaceuticals Industries Ltd ended at Rs459.25, up by Rs8.7 or 1.93% from its previous closing of Rs450.55 on the BSE.