Drug firm Zydus Cadila today said it has received a milestone payment of $10 million (nearly Rs 47.36 crore) from US-drug maker Abbott under a licensing and supply agreement signed earlier this month for 24 products to be sold in 15 emerging markets.
"...As per this agreement, Zydus Cadila, on May 25, 2010, has received from Abbott a milestone payment of $10 million (Rs 47.36 crore)," the company said in a filing to the Bombay Stock Exchange.
At the time of signing the agreement, the two partners had not disclosed the financials involved. The deal also included an option of adding more than 40 products from the Indian drug firm.
The arrangement includes medicines for pain, cancer and cardiovascular, neurological and respiratory diseases, the company said in a statement.
While announcing the agreement, Zydus Cadila Chairman and Managing Director Pankaj R Patel had stated: "We have always believed in working with partners for win-win alliances that look at new opportunities for growth and expansion. In this alliance we see a tremendous opportunity to participate in multiple ways in a market that is growing and expanding rapidly."
Shares of Zydus Cadila today closed at Rs 604 on the BSE, down 1.60 per cent from its previous close.