Sun Pharmaceutical Industries rose 1.01% to Rs 484.65 after the company entered into an agreement with Hikma Pharmaceuticals for exclusive licensing and distribution of ILUMYA in the Middle East & North Africa (MENA) region.
The drug major announced on Monday (15 June) that one of its wholly-owned subsidiaries and Hikma Pharmaceuticals (Hikma) have entered into an exclusive licensing and distribution agreement for ILUMYA, an innovative biologic product, for the Middle East & North Africa (MENA) region.ILUMYA (tildrakizumab) is an U.S. Food and Drug Administration (USFDA)-approved innovative monoclonal antibody used for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.
Under the terms of the licensing agreement, Hikma will be responsible for the registration and commercialization of the product in all MENA markets and Sun Pharma will be responsible for product supply. Sun Pharma is eligible for upfront and milestone payments from Hikma. The term of this agreement is 15 years from first sale, with two years' automatic renewal periods.
Aalok Shanghvi, senior vice president - emerging markets, Sun Pharma said, "We are pleased to partner with Hikma to offer ILUMYA to patients in the MENA region. Hikma's strong presence in the MENA region will enable access to a new treatment option for people who are unable to manage their moderate-to-severe plaque psoriasis."
The drug maker reported 37.1% decline in consolidated net profit to Rs 399.84 crore on 14.3% rise in total revenue from operations to Rs 8,184.94 crore in Q4 March 2020 over Q4 March 2019.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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