SPARC gains after research collaboration with HitGen

Sun Pharma Advanced Research Company rose 1.02% to Rs 198.70 at 9:17 IST on BSE after the company announced a research collaboration with HitGen to identify novel small molecule leads for targets of interest.

The announcement was made before market hours today, 13 March 2019.

Meanwhile, the S&P BSE Sensex was down 6.33 points, or 0.02% to 37,529.33.

On the BSE, 11,000 shares were traded in the counter so far compared with average daily volumes of 2.46 lakh shares in the past two weeks. The stock had hit a high of Rs 200 and a low of Rs 197.50 so far during the day. The stock hit a 52-week high of Rs 438.25 on 24 April 2018. The stock hit a 52-week low of Rs 140.95 on 6 February 2019.

Sun Pharma Advanced Research Company (SPARC) and HitGen announced a research collaboration to identify novel small molecule leads for targets of interest. Under this collaboration, HitGen will apply its advanced technology platform, based on DNA-encoded library design, synthesis and screening, to discover novel leads for SPARC. Under the terms of the agreement, HitGen will receive upfront payment and will be eligible for certain milestone payments.

HitGen is a rapidly growing biotech company with headquarters and main research facilities based in Chengdu, China and with a subsidiary in the USA.

Sun Pharma Advanced Research Company reported net loss of Rs 69.02 crore in Q3 December 2018 as against net loss of Rs 58.07 crore in Q3 December 2017. Net sales rose 2.37% to Rs 19.88 crore in Q3 December 2018 over Q3 December 2017.

Sun Pharma Advanced Research Company (SPARC) is a global pharmaceutical company focused on continuously improving standards of care for patients globally through innovation in therapeutics and delivery.

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