Sun Pharma's research arm Sun Pharma Advanced Research Company (SPARC) and China's biotech firm HitGen Wednesday announced a collaboration to identify novel small molecule leads for targets of interest.
Under the terms of the agreement, HitGen will receive upfront payment and will be eligible for certain milestone payments.
"Under this collaboration, HitGen will apply its advanced technology platform, based on DNA-encoded library design, synthesis and screening, to discover novel leads for SPARC," both companies said in a joint statement.
The statement, however, did not elaborate on details of the payments.
HitGen Chairman of the board and chief executive officer Jin Li said the company will work closely with SPARC scientists to generate novel leads for their innovative research programmes to address unmet medical needs.
HitGen is a biotech company with headquarters and main research facilities based in Chengdu, China, and a subsidiary in the USA.
Shares of SPARC were trading 2.08 per cent higher from its previous close at Rs 200.80 apiece on BSE.
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