The exclusive worldwide licensing deal is to further develop MM-II, a novel non-opioid pain product for osteoarthritis, the companies said in a joint statement.
MM-II is an intra-articular biolubricant injection which is being developed to provide symptomatic relief of mild-to- moderate osteoarthritis pain, it said.
"Sun Pharma will fund further development of Moebius Medical's lead product, MM-II, and undertake its global commercialisation," it added.
Moebius Medical will conduct requisite pre-clinical studies and will assume responsibility for product development and manufacturing through the end of Phase-II studies, as per the pact, the statement said.
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Sun Pharma Global Head of Business Development Kirti Ganorkar said the agreement is "a part of our effort to build a branded product pipeline and enrich our global portfolio for pain products".
The company is encouraged to further develop MM-II and hopes to bring a new innovative treatment to patients suffering from osteoarthritic pain, he added.
Sun Pharma's investment confirms the potential of Moebius Medical's innovative approach to bring effective pain relief to osteoarthritis patients, he added.
To date, Moebius Medical has completed a first-in-man clinical study at Hadassah Medical Center, the statement said.
Sun Pharma stock closed 0.49 per cent up at Rs 676.30 on BSE.
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