Gufic Biosciences rises after signing research and collaboration agreement with Selvax

Gufic Biosciences added 3.32% to Rs 230.3 after the pharmaceutical company announced that it is entering into a research and collaboration agreement with Selvax Pty to accelerate the commercialization of Selvax's cancer immunotherapy treatment.

Under the collaboration, Gufic will undertake mutually agreed development activities in return for the exclusive commercial rights for Selvax immunotherapy in India along with an equal share of future revenues that might be derived from future sales of the product in Europe. The agreement is subject to approvals received from the regulatory authorities in India and Europe, respectively.

Gufic Bio said that a major advantage of the Selvax technology is that it targets the tumour microenvironment in cancer cells and stimulates an immune response. This allows the technology to overcome major challenges previously faced with other cancer immunotherapies including poor response rates and potentially serious toxicity

Gufic Biosciences is engaged in the manufacture of pharmaceuticals, medicinal chemicals and botanical products.

On a consolidated basis, the company reported a 36% jump in net profit to Rs 21 crore on a 3.3% rise in net sales to Rs 172 crore in Q3 FY22 over Q3 FY21.

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