Sun Pharmaceutical gains on pact with Almirall for Psoriasis drug

Shares of Sun Pharma were up over 2% on the Bombay Stock Exchange after the company today announced a licensing agreement with Almirall on the development and commercialisaiton of Tildrakizumab for treating psoriasis in Europe.

Tildrakizumab is an investigational inhibitor currently being evaluated in patients with moderate-to-severe plaque psoriasis.

Under terms of the license agreement, Almirall will pay Sun Pharma an initial upfront payment of US $50 million, the company said in release.

The stock opened at Rs 810 and touched a high of Rs 827. At 12:05pm, over 1.7 million shares were traded on both the stock exchanges.