Sun Pharma Advanced Research Company (SPARC) gained 2.54% to Rs 254.80 after the company said that it has entered into a licensing agreement with Biomodifying to acquire exclusive rights for antibody against unique oncology target.
In an exchange filing made during market hours today, the company said that it has entered into an agreement with Biomodifying LLC to exclusively license Biomodifying's intellectual property, including all patents and patent applications owned or controlled by Biomodifying, along with antibodies developed for multiple uses including for cancer.
Biomodifying, LLC is a biotech company dedicated to identifying and exploiting molecules overexpressed by cancer cells by developing therapies that specifically target tumors while sparing normal, non-cancerous tissues - an approach that is expected to contribute to the development of therapies less harsh and more adapted to larger patient populations than currently used chemotherapy regimens.
Under the agreement, Biomodifying is eligible for an up-front payment, milestone payments on pre-specified clinical, regulatory, and commercial milestones, as well as royalties on sales. In addition, SPARC will pay Biomodifying a percentage of payments received for sublicenses of the licensed IP. Anil
Raghavan, CEO of SPARC, said: This is an important milestone for SPARC. The licensing of antibodies from Biomodifying will assist us in our endeavour to transition SPARC into a company focussed on novel treatment modalities, including bi-specific antibodies and antibody drug conjugates."
SPARC is a clinical stage bio-pharmaceutical company, It was formed in 2007 through a demerger from Sun Pharma, a global leader in speciality generics.
On a standalone basis, Sun Pharma Advanced Research Company (SPARC)'s net loss during Q2 FY22 stood at Rs 55.14 crore as compared to a net loss of Rs 83.49 crore in Q2 FY21. Revenue from operations surged 57.99% to Rs 27.87 crore in Q2 September 2021 as against Rs 17.64 crore in Q2 September 2020.
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