As per the terms of the agreement, SUDA will provide product development services for SUD-001H funded by Strides.
Shares of Strides Pharma Science added 1 percent in the early trade on Friday after company entered into a strategic partnership with SUDA Pharmaceuticals.
The company's step-down wholly owned subsidiary, Strides Pharma Global Pte, Singapore has entered into an exclusive product development, licensing and supply agreement with SUDA Pharmaceuticals for its novel drug SUD-001H, an oral spray of sumatriptan to treat migraine headache for the US market, as per company release.
As per the terms of the agreement, SUDA will provide product development services for SUD-001H funded by Strides and to work with Strides team through joint committees to achieve successful USFDA approval for the product.
SUDA to receive an upfront cash payment of USD 0.4 million and a further payment of USD 0.6 million on reaching certain milestones including the pilot first-in-man clinical study, submission and approval of the product in the US.
At 09:28 hrs Strides Pharma Science was quoting at Rs 433.10, up Rs 4.25, or 0.99 percent on the BSE.For more market news, click here