Domestic pharma major Cipla Monday said it has signed a binding agreement with Pulmatrix Inc for co-development and licensing opportunity for a new drug under development for an upfront consideration of USD 22 million.
The agreement has been signed between the company's wholly-owned subsidiary in the US, Cipla Technologies LLC with Pulmatrix Inc for an investment in phase 2 ready Pulmazole (inhaled ltraconazole).
Pulmazole is an inhaled anti-fungal formulation of itraconazole aimed at treating allergic bronchopulmonary aspergillosis (ABPA) in asthma patients.
Cipla said, "Entry into a definitive agreement is contingent upon Pulmatrix raising additional funds from the market".
Upon signing the definitive agreement, the co-development cost towards development and the total free cash flow in relation to commercialisation of Pulmazole will be further shared by both the parties in a phased manner, it added.
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