Alembic Pharmaceuticals - License Agreement by Rhizen Pharmaceuticals - Angel Broking

Mr. Yash Gupta - Equity Research Associate, Angel Broking Ltd

"Alembic Pharmaceuticals Limited associate Company, Rhizen Pharmaceuticals has entered into an exclusive license agreement with Curon Biopharmaceutical Limited for development and commercialization of Tenalisib, a Dual Pl3K Delta and Gamma Inhibitor for Oncology in Greater China. Rhizen Pharmaceuticals S. A. (Rhizen), a Switzerland-based privately held clinical-stage biopharmaceutical company, and Curon Biopharmaceutical Limited (Curon), a clinical-stage innovative biopharmaceutical company with facility in Shanghai announced today that they have entered into an exclusive license agreement for the development and commercialization of Tenalisib in the Greater China region. Under the terms of the agreement, Rhizen will receive an undisclosed upfront cash payment and is eligible to receive additional development and commercial milestone payments with an overall deal value of USD 149.5 million plus double-digit royalties on annual net sales of Tenalisib."

Shares of ALEMBIC PHARMACEUTICALS LTD. was last trading in BSE at Rs.939.65 as compared to the previous close of Rs. 955.55. The total number of shares traded during the day was 15027 in over 786 trades.

The stock hit an intraday high of Rs. 960.45 and intraday low of 930.05. The net turnover during the day was Rs. 14177704.

Source : Equity Bulls

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