Shares of drug-maker Sun Pharmaceutical Industries Ltd., gained as much as 1.72 percent to Rs 625, after the company acquired branded oncology product ‘Odomzo' from Novartis AG.
Apart from an upfront payment of $175 million, Sun will also make other milestone payments, it said in its filing to the exchanges. Odomzo will be the first oncology product in the Dilip Shangvi-led company's portfolio.
The agreement has been signed between subsidiaries of both the companies and closure of the deal is subject to anti-trust clearance and other closing conditions.
Odomzo is used to treat advanced form of a skin cancer - basal cell carcinoma, in adults. Basal cell carcinoma, are abnormal, uncontrolled growths or lesions that arise in the skin's basal cells, which line the deepest layer of the epidermis, according to the Skin Cancer Foundation.
The product has marketing approval in over 30 countries globally including the U.S., Europe and Australia.
We see meaningful global potential for Odomzo byleveraging Sun Pharma's existing dermatology and oncology infrastructure to provide an innovative product to BCCpatients worldwide.Kirti Ganorkar, Global Head – Business Development, Sun Pharma
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