Shares in Sun Pharma Advanced Research Company (SPARC) rallied 4 per cent after reports that the company had licensed out Xelpros (Latanoprost BAK-free eye drops) to a subsidiary of Sun Pharma for the US market.
In addition to up-front payment of US$3 million, SPARC will receive certain other milestone payments, both totaling to US$16 million from Sun Pharma. It is also eligible for certain defined royalties and additional milestone payments linked to the actual sales performance of Xelpros.
In December 2014, the US FDA had issued a Complete Response letter (CRL) to SPARC for its New Drug Application (NDA) for Latanoprost BAK-free eye drops. This CRL has since been replied to and a response from the US FDA is awaited.
The stock was last trading at Rs 424, up Rs 8 or 4.4 per cent on the National Stock Exchange.
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