SPARC enters into a licensing agreement with Biomodifying to acquire exclusive rights for antibody against unique oncology target

Sun Pharma Advanced Research Company Ltd. (SPARC) (Reuters: SPRC.BO, Bloomberg: SPADV IN, NSE: SPARC, BSE: 532872) today announced that it has entered into an agreement with Biomodifying LLC (Biomodifying) to exclusively license Biomodifying's intellectual property, including all patents and patent applications owned or controlled by Biomodifying, along with antibodies developed for multiple uses including for cancer.

Under the agreement, Biomodifying is eligible for an up-front payment, milestone payments on pre-specified clinical, regulatory, and commercial milestones, as well as royalties on sales. In addition, SPARC will pay Biomodifying a percentage of payments received for sublicenses of the licensed IP.

"This is an important milestone for SPARC. The licensing of antibodies from Biomodifying will assist us in our endeavour to transition SPARC into a company focussed on novel treatment modalities, including bi-specific antibodies and antibody drug conjugates" said Anil Raghavan, CEO of SPARC.

Shares of Sun Pharma Advanced Research Company Limited was last trading in BSE at Rs. 248.50 as compared to the previous close of Rs. 243.15. The total number of shares traded during the day was 24454 in over 1124 trades.

The stock hit an intraday high of Rs. 251.65 and intraday low of 243.15. The net turnover during the day was Rs. 6066082.00.

Source : Equity Bulls

Keywords

SunPharmaAdvancedResearchCompanyLimited INE232I01014 SPARC Pharmaceuticals BiomodifyingLLC Cancer IP