Sun Pharma Advanced Research Company (SPARC) on Tuesday said it has entered into a licensing agreement with a subsidiary of China Medical System Holdings Ltd (CMS) to develop and commercialise multiple products in China, Hong Kong, Macao and Taiwan.
The licensing deal with CMS covers innovative products such as Xelpros and Elepsia, SPARC said in a statement.
According to the agreement, SPARC is eligible to receive upfront payment, milestone payments and royalty on net sales of the products in territories, it added.
The initial term of the agreement shall be 20 years from the date of first commercial sale of each product in the territory and may be further extended as per mutual agreement between the parties, SPARC said.
"This collaboration is a significant milestone as this is the first licensing deal by SPARC for China which is the third largest pharmaceutical market in the world and holds significant commercial opportunity for the company," SPARC Chief Executive Officer Anil Raghavan said.
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