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Shares of Sun Pharma Advanced Research Company (SPARC) ended higher by 1.54 per cent at Rs 355.05 on the BSE. On the NSE, the stock gained 1.29 per cent to Rs 353.50.
Earlier, the shares surged 8 per cent as the company and its parent Sun Pharma entered into a licensing deal for Elepsia tablets in the US for an upfront payment of $10 million.
Elepsia tablets are used in the treatment of epilepsy.
The stock jumped 7.23 per cent to Rs 374.95 on the BSE. On the NSE, it surged 7.67 per cent to Rs 375.80.
Sun Pharma’s scrip ended higher by 0.81 per cent to Rs 776.65 on the BSE.
“As per the agreement, SPARC will license Elepsia XRTM (Levetiracetam Extended Release tablets) to a wholly-owned subsidiary of Sun Pharma for the US market. SPARC will receive an upfront payment of $10 million from Sun Pharma,” SPARC said in a BSE filing.
It is also eligible for certain additional milestone payments and defined royalties linked to any future sales of Elepsia XRTM, the company added.
“The licensing of Elepsia XRTM is a step ahead in our desire to make it available for thousands of epilepsy patients taking multiple pills of Levetiracetam every day... If and when the USFDA reapproves the epilepsy XRTM application, Sun Pharma’s significant US presence will help SPARC in commercialising this important product for patients in the US market,” SPARC CEO Anil Raghavan said.
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