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Shares of Sun Pharma Advanced Reseasrch Company ( SPARC) are trading higher by 5% to Rs 426 on the BSE after the company licensed out Xelpros (Latanoprost BAK-free eye drops) to a subsidiary of Sun Pharma for the US market.
Apart from the advance payment of $3 million, SPARC will receive certain other payments, both summing up to a total of $16 million from Sun Pharma. Further, it is also eligible for certain defined royalties and additional payments associated to the actual sales performance of Xelpros.
Anil Raghavan, CEO, SPARC said, “SPARC is excited at this licensing deal for Xelpros because it allows us to commercialize the first-class science we've been doing at our research labs. Xelpros is a much safer product that greatly improves the standards of glaucoma care."
SPARC opened at Rs 424 and touched a high of Rs 438 on the BSE. Meanwhile, Sun Pharma opened at Rs 813 and touched a high of Rs 828 on the BSE.
