No deal on Alzheimer drug; clinical trials on: Suven Life

Moreover, Jasti said the company is in talks with two global majors for the Alzheimer's drug.

Here is the edited transcript of the interview on CNBC-TV18.

Q: Is it true that you are close to signing a deal on Alzheimer or any CNS drug?

A: It is not at all true and due diligences are going on. But, it is true that we are starting phase II of a clinical trial for which the activities are on in full swing. What we have been telling is if everything goes well, by 2014 there is a likelihood of a big deal happening, if the data is good.

But there is a possibility that anything can happen even before we start the phase II activity. I think it was misquoted as if it is happening right now. There is no truth to that. But we are going ahead on our own to do Phase-II proof-of-concept (POC) clinical study for the drug.

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Q: It is not as if a deal is imminent or you are in talks with some multinational company and in the next few weeks you will be able to ink a deal even before phase II?

A: It can happen anytime. Even during phase II it can happen or before phase II it can happen. But there is nothing concrete at this time. But, we are talking to 3 big pharma companies and due diligence is going on.

Q: What product is this or which therapeutic category are you referring to when you are having this dialogue with the three companies?

A: This is for Alzheimer's disease. This is SUVN- 502 which is in phase I and long-term safety talks have also finished. We are in the process of filing the USFDA for Phase II Clinical activity. For that we have already assigned it to the advisory board, we are already in the process of finalizing a protocol and we are in the process of interacting with the FDA within the next two months.