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Sun Pharmaceutical Industries Limited updates on agreement between its subsidiary and AstraZeneca India
Posted On : 2021-05-28 12:25:44( TIMEZONE : IST )
Sun Pharmaceutical Industries Limited had earlier announced about the Distribution Agreement between Sun Pharma Laboratories Limited (Sun Pharma), the wholly owned subsidiary of Sun Pharmaceutical Industries Limited, and AstraZeneca Pharma India Limited (AstraZeneca India) for the distribution of Dapagliflozin, an innovative Type 2 diabetes medicine, in India.
Under the said agreement, AstraZeneca India had granted rights to Sun Pharma to promote and distribute Dapagliflozin under the brand name "Oxra®". Sun Pharma also gained the rights to promote and distribute the combination of Dapagliflozin with Metformin under the brand name "Oxramet®" and the combination of Dapagliflozin and Saxagliptin under the brand name "Oxraduo®". The said Distribution Agreement had conferred only a license to Sun Pharma for the use of trademarks "Oxra®", "Oxramet®" and "Oxraduo®" in India.
Sun Pharma has now acquired the rights to Trademarks "Oxra®", "Oxramet®" and "Oxraduo®" in India from AstraZeneca AB, Sweden, parent company of AstraZeneca Pharma India Limited, with effect from 28th May 2021. In addition Sun Pharma has also taken a patent license to manufacture and commercialize Dapagliflozin and Dapagliflozin with Metformin combination in India from AstraZeneca AB with effect from 28th May 2021.
Consequently, AstraZeneca India and Sun Pharma have now discontinued the Distribution Agreement signed in 2016 and have entered into a Transition Supply Agreement with effect from 28th May 2021.
Under the Transition Supply Agreement, AstraZeneca India will supply Dapagliflozin and the combination of Dapagliflozin with Metformin to Sun Pharma until such period of time as mutually agreed between the parties, post which all supplies to Sun Pharma from AstraZeneca India shall cease.
Other terms and conditions of the agreement are confidential.
Shares of SUN PHARMACEUTICAL INDUSTRIES LTD. was last trading in BSE at Rs.699.75 as compared to the previous close of Rs. 703.6. The total number of shares traded during the day was 303210 in over 7509 trades.
The stock hit an intraday high of Rs. 710 and intraday low of 694.2. The net turnover during the day was Rs. 212713452.
