Sun Pharma Advanced Reseasrch Company (SPARC) shares gained as much as 8 per cent to an intraday high of Rs 438.35 after the drug research firm said it has licensed out Xelpros to a subsidiary of Sun Pharma for the US market. Xelpros is a preservative-free eye drop used in the treatment glaucoma.
SPARC will get an upfront payment of $3 million and other milestone payments totalling $16 million from Sun Pharma under the licence agreement.
Anil Raghavan, CEO of SPARC said, "SPARC is excited at this licensing deal for Xelpros because it allows us to commercialize the first-class science we've been doing at our research labs. Xelpros is a much safer product that greatly improves the standards of glaucoma care."
SPARC shares ended 3.04 per cent higher at Rs 418.50 apiece, while Sun Pharma shares closed 1.54 per cent higher at Rs 823.10 apiece, outperforming the broader Nifty, which gained 1 per cent.
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