Sun Pharmaceutical Industries advanced 1.63% to Rs 436.90 after the company and AstraZeneca entered into License Agreement for Novel Oncology products in China.
Sun Pharmaceutical Industries and its subsidiaries and/or associate companies today announced that it has entered into a licensing agreement with AstraZeneca UK (AstraZeneca) to introduce certain novel readyto-use (RTU) infusion oncology products in China. The agreement will help to bring cost effective and quality drugs to patients in China.
As per the terms of the agreement, Sun Pharma will be responsible for development, regulatory filings and manufacturing the products covered in the agreement while AstraZeneca will exclusively promote and distribute these products in China. The initial tenure of the agreement is 10 years from the first commercial sale of the said products in China.
Kal Sundaram, director of corporate development, Sun Pharma said the company sees a great potential to introduce specialty and generics products in the growing China market and this licensing agreement is another positive step in that direction.
The drug maker will declare its Q2 earnings on 7 November 2019. On a consolidated basis, the pharmaceutical company's net profit rose 31.2% to Rs 1,387.48 crore on a 15.7% rise in the net sales to Rs 8,259.30 crore in Q1 June 2019 over Q1 June 2018.
Sun Pharma is a specialty generic pharmaceutical company. Its global presence is supported by manufacturing facilities spread across 6 continents and approved by multiple regulatory agencies.
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