Shares of Sun Pharma Advanced Research Company (SPARC) rallied nearly 5 percent intraday on December 19 after the company entered into a licensing agreement with Bioprojet to acquire exclusive rights for investigational medicinal product SCD-044.
The stock rallied 35 percent in last six months. It was quoting at Rs 167.50, up Rs 4.90, or 3.01 percent on the BSE at 1102 hours IST.
"SPARC and Bioprojet co-owned all SCD-044 related IP, developed through a research collaboration targeting Sphingosine-1-Phosphate Receptors (S1PR) to treat various autoimmune disorders," the subsidiary of Sun Pharma said in its BSE filing.
The acquisition includes full assignment of all patents and patent applications owned or controlled by Bioprojet related to SCD-044.
"This acquisition will provide us with expanded freedom to operate and an opportunity to build on promising data from early stage clinical trials," said Anil Raghavan, CEO of SPARC.
Under the terms of the agreement, Bioprojet is eligible to receive milestones and royalties on net sales of SCD-044, the company said.
SCD-044 is a novel investigational oral, selective S1P1 receptor agonist under development for the treatment of autoimmune diseases. Phase I studies for SCD-044 have been completed.
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