SPARC rises after licensing drug rights to Visiox Pharma

Sun Pharma Advanced Research Company gained 1.9% to Rs 254.75 after the company announced that it has entered into an agreement with Visiox Pharma to grant exclusive worldwide rights for the development and commercialization of PDP-716 and SDN-03.

PDP-716 is a novel, once daily, ophthalmic suspension of brimonidine tartrate while SDN-037 is a novel, twice-a-day, clear, micellar formulation of difluprednate.

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. The granted exclusive worldwide rights are except for India and Greater China.

Anil Raghavan, CEO of SPARC said, 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.

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.

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

The company's standalone net loss during Q2 FY22 was Rs 55.14 crore as compared to a net loss of Rs 83.49 crore in Q2 FY21. Standalone revenue from operations surged 57.99% to Rs 27.87 crore in Q2 FY22 as against Rs 17.64 crore in Q2 FY21.

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