Drug major Sun Pharma on Wednesday said it has entered a licensing agreement with AstraZeneca UK to introduce certain novel ready-to-use infusion oncology products in China.
The agreement will help to bring cost-effective and quality drugs to patients in China, the Mumbai-based company said in a statement.
As per the terms of the agreement, Sun Pharma will be responsible for development, regulatory filings and manufacturing the products covered in the agreement, while AstraZeneca will exclusively promote and distribute these products in China, it added.
The initial tenure of the agreement is 10 years from the first commercial sale of the said products in China, Sun Pharmaceutical Industries said.
The company, however, did not share financial terms of the agreement.
"AstraZeneca's leadership position will help us to make our products available to patients and doctors in China," Sun Pharma Director of Corporate Development Kal Sundaram said.
The company sees a great potential to introduce its speciality and generic products in the growing China market and this licensing agreement is another positive step in that direction, he added.
Shares of the company were trading at Rs 446 apiece, up 3.75 per cent from their previous close on the BSE.
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