Alembic Pharmaceuticals gained 1.18% to Rs 950.70 after its Associate Company Rhizen Pharmaceuticals SA (Rhizen) entered into an exclusive license agreement with Curon Biopharmaceutical for development and commercialization of Tenalisib.
Alembic Pharma in a regulatory filling made before market hours today announced that Rhizen has signed an exclusive agreement with Curon Biopharmaceutical for development and commercialization of Tenalisib, a Dual PI3K Delta and Gamma Inhibitor for Oncology in Greater China.
Under the terms of the agreement, Rhizen will receive an undisclosed upfront cash payment and is eligible to receive additional development and commercial milestone payments with an overall deal value of $149.5 million plus double-digit royalties on annual net sales of Tenalisib.
Rhizen Pharmaceuticals is an innovative, clinical-stage biopharmaceutical company focused on the discovery and development of novel therapeutics for the treatment of cancer and inflammatory diseases. Curon Biopharmaceutical, founded in June 2018, is a biopharma company with facility in Shanghai focusing on developing next generation anti-cancer therapies.
Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company.
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