Sun Pharma up 2% on alliance with Spanish co for psoriasis drug

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Moneycontrol BureauShares of Sun Pharmaceutical Industries rose 2 percent intraday Thursday as it has signed a licensing agreement with Spanish company Almirall for development and commercialization of tildrakizumab for psoriasis in Europe. Tildrakizumab is an investigational IL-23p19 inhibitor currently being evaluated in patients with moderate-to-severe plaque psoriasis.Under terms of the license agreement, Almirall will pay to company an initial upfront payment of USD 50 million."The company will be eligible to receive development and regulatory milestone payments and, additionally, sales milestone payments and royalties on net sales, the terms of which are confidential," as per BSE release. Dilip Shanghvi, Managing Director of Sun Pharma said, "We continue to build our pipeline and capabilities in this important therapeutic area of significant unmet need. We are proud to be partnering with a regional leader in dermatology, like Almirall, to bring tildrakizumab to the European market."At 11:42 hrs Sun Pharmaceutical Industries was quoting at Rs 824.70, up Rs 16.95, or 2.10 percent on the BSE.Posted by Rakesh Patil