Rhizen Pharmaceuticals announced that it has entered into an exclusive license agreement with Curon Biopharmaceutical Limited. Alembic Pharmaceuticals through its wholly owned subsidiary holds 50 percent ownership in Rhizen.
Alembic Pharmaceuticals share price gained a percent intraday on October 13 after its associate company, Rhizen Pharmaceuticals, entered into an exclusive licence agreement with Curon Biopharmaceutical.
"Associate company, Rhizen Pharmaceuticals, announced that it has entered into an exclusive licence agreement with Curon Biopharmaceutical Limited for development and commercialization of Tenalisib, a Dual Pl3K Delta and Gamma Inhibitor for Oncology, in Greater China," the company said in an exchange filing.
Alembic Pharmaceuticals through its wholly-owned subsidiary holds 50 percent ownership in Rhizen.
Rhizen Pharmaceuticals S. A. (Rhizen) is a Switzerland-based privately held clinical-stage biopharmaceutical company. Curon Biopharmaceutical Limited (Curon) is a clinical-stage innovative biopharmaceutical company with facility in Shanghai.
Under the terms of the agreement, Rhizen will receive an undisclosed upfront cash payment and is eligible to receive additional development and commercial milestone payments with an overall deal value of USD 149.5 million plus double-digit royalties on annual net sales of Tenalisib.The stock was trading at Rs 947.40, up Rs 7.75, or 0.82 percent. It has touched an intraday high of Rs 955.00 and an intraday low of Rs 942.