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 Visiox Pharma LLC (Visiox) to grant exclusive worldwide rights (except for India and Greater China) for the development and commercialization of PDP-716 and SDN-037.
Under the terms of the license agreement, SPARC will be eligible to receive an upfront payment, milestone payments and royalty on sales, in addition to 10% equity* in Visiox.
"We are excited to enter into this collaboration. The collaboration with Visiox allows us to make PDP-716 and SDN-037 available to patients seeking to overcome the challenges associated with the currently marketed formulations of these drugs," said Anil Raghavan, CEO of SPARC.
Michael Derby, Chairman of Visiox, said, "We are excited to partner with SPARC to register these important products and commercially launch them so that patients may be able to benefit from them as soon as possible. In Visiox, we look forward to building one of the industry's leading ophthalmics companies."
Shares of Sun Pharma Advanced Research Company Limited was last trading in BSE at Rs. 250.00 as compared to the previous close of Rs. 245.80. The total number of shares traded during the day was 26376 in over 1047 trades.
The stock hit an intraday high of Rs. 251.70 and intraday low of 245.05. The net turnover during the day was Rs. 6539572.00.
*Subject to necessary approvals