Sun Pharma Advanced Research Company (SPARC) jumped 7.22% to Rs 152.90 after the company announced grant of exclusive licenses to a subsidiary of China Medical System Holdings (CMS).
The license allows CMS to develop and commercialize multiple products in Mainland China, Hong Kong, Macao and Taiwan.
The initial term of the agreement shall be 20 years from the date of first commercial sale of each product in the territory and may be further extended as per mutual agreement between the parties.
"This collaboration is a significant milestone as this is the first licensing deal by SPARC for China. China is the third largest pharmaceutical market in the world and holds significant commercial opportunity for SPARC", said Anil Raghavan, CEO of SPARC.
As per the agreement, SPARC is eligible to receive upfront payment, milestone payments and royalty on net sales of the products in territories.
SPARC reported a net loss of Rs 63.16 crore in Q2 September 2019, higher than net loss of Rs 2.58 crore Q2 September 2018. Revenue from operations slumped 71.98% to Rs 17.19 crore in Q2 September 2019 over Q2 September 2018.
Sun Pharma Advanced Research Company (SPARC) is a clinical stage bio-pharmaceutical company.
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