Sun Pharmaceutical Industries rose 1.06% to Rs 701.35 after the company and Cassiopea SpA announced the signing of license and supply agreements for Winlevi (clascoterone cream 1%) in the United States and Canada.
The USFDA approved Winlevi (clascoterone cream 1%) in August 2020 for the topical treatment of acne vulgaris in patients 12 years and older. Acne, being the most prevalent skin condition in the U.S., affects up to 50 million Americans annually. The last FDA approval of an acne drug with a new mechanism of action (MOA) occurred nearly 40 years ago.
Cassiopea SpA is a specialty pharmaceutical company developing and preparing to commercialize prescription drugs with novel mechanisms of action (MOA) to address long-standing essential dermatological conditions.
Under the terms of the above referred agreements, Sun Pharma will have the exclusive right to commercialize Winlevi in the United States and Canada, and Cassiopea will be the exclusive supplier of the product. Cassiopea will receive an upfront payment of US $45 million, potential commercial milestones totalling up to US $190 million and customary double-digit royalties. The agreements will close upon the expiration of the HSR waiting period.
Winlevi is expected to be available in the U.S. in Q4 calendar 2021.
Abhay Gandhi, CEO, North America of Sun Pharma, said: "Sun Pharma is pleased to enter into a collaboration with Cassiopea SpA. Winlevi is a new class of topical medication in dermatology and will complement our existing oral acne portfolio. The addition of Winlevi further strengthens our position in the acne segment and reinforces our deep commitment to caring and making a difference in the lives of patients."
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
On a consolidated basis, the company's net profit surged 123.62% to Rs 894.15 crore on 4.13% increase in total revenue from operations to Rs 8,522.98 crore in Q4 March 2021 over Q4 March 2020.
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