Leading pharma firm, Sun Pharmaceutical Industries has entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS) to develop breakthrough products for the treatment of neurological diseases like brain stroke; as well as glioblastoma, a lethal brain cancer.
As per the signed triparty agreement, Sun Pharma will have the first right to develop these additional indications. Sun Pharma will have the exclusive option to conduct further development of the enzyme after completion of the preclinical studies. The company will have commercial rights to this product globally. It will also fund all future studies to be conducted on the enzyme," the company informed in a filing to the Bombay Stock Exchange.
The tripartite research collaboration agreement has been signed between Sun Pharma, Yeda Research & Development Company, Ltd. (the commercial arm of the Weizmann Institute of Science), and Fundacion Ramn Domnguez (on behalf of IDIS).
Commenting on its collaboration with Weizmann Institute of Science and Health Research Institute of Santiago de Compostela, Sun Pharma Sr. Vice President Kirti Ganorkar said, "This collaboration is in line with our philosophy of putting patients first. We see our collaboration with world-renowned academic institutions like the Weizmann Institute of Science and the Health Research Institute of Santiago de Compostela enabling new projects on breakthrough products to address current unmet medical needs."
Meanwhile, shares of the company were trading at Rs 746.85 apiece, down 1.57 per cent from the previous close at 10:12 hours on BSE.