Sun Pharma Advanced Research Company Ltd
(SPARC) has received a communication from Sun Pharma Global FZE (SPGFZE), a wholly owned subsidiary of Sun Pharmaceutical Industries Limited, informing that SPGFZE is not planning to launch Elepsia XR (Levetiracetam Extended Release Tablets) as CNS is not its focussed therapeutic area in US market, and therefore SPGFZE has decided to return the product rights back to SPARC.
SPARC had out-licensed Elepsia XR to SPGFZE in July 2016; and was eligible for sales linked milestone and royalties upon commercialization of Elepsia, the company said in the regulatory filing.
The announcement was made on Friday after market hours.
Consequently, SPARC would find another partner for commercialising the captioned product, the company added.
On Friday, share price of Sun Pharma Advanced Research Company Ltd ended at Rs163.45 down by Rs3.55 or 2.13% from its previous closing of Rs167 on the BSE. The scrip opened at Rs167.50 and touched a high and low of Rs168 and Rs160 respectively.