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Sun Pharma Signs Agreement with Philogen to Commercialize Skin Cancer Drug

31 May 20232 mins read by Angel One
Sun Pharma will have exclusive rights to commercialise Philogen’s product Nidlegy for indications of skin cancers in the territories of Europe, Australia and New Zealand.
Sun Pharma Signs Agreement with Philogen to Commercialize Skin Cancer Drug
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On Wednesday, the shares of Sun Pharmaceutical Industries closed at Rs 974.50, up by 1.60% from its previous closing of Rs 959.20 on the BSE. 

Sun Pharmaceutical Industries has entered into a licensing agreement with Philogen S.p.A for commercializing Philogen’s speciality product, Nidlegy (Daromun) in the territories of Europe, Australia and New Zealand. Nidlegy, currently in Phase III clinical trials, is a new anti-cancer biopharmaceutical which is being developed by Philogen for the treatment of melanoma and non-melanoma skin cancers. 

Under the terms of the agreement, Sun Pharma will have exclusive rights to commercialise Nidlegy for indications of skin cancers in the territories of Europe, Australia and New Zealand. Philogen will complete pivotal clinical trials for the product in Europe, pursue Marketing Authorization with the regulatory authorities and manufacture commercial supplies. Sun Pharma will be responsible for commercialization activities. The two partner companies will share post-commercialization economics in about a 50:50 ratio. Other financial terms were not disclosed. Philogen will retain the IP rights for Nidlegy for other territories and indications other than skin cancers. 

Sun Pharmaceutical Industries is the world’s fourth-largest speciality generic pharmaceutical company and India’s top pharmaceutical company. The company is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APIs). The company and its subsidiaries have various manufacturing facilities spread across the world with trading and other incidental and related activities extending to the global market. 

Today, the stock opened at Rs 966.45 and touched a high and low of Rs 979.25 and Rs 961.60, respectively.  

The BSE group ‘A’ stock of face value of Rs 1 has touched a 52-week high and low of Rs 1071.90 and Rs 789.75, respectively. 

Last one week high and low of the scrip stood at Rs 979.25 and Rs 937.20, respectively. The current market cap of the company is Rs 2,33,809.71 crore. 

The promoters holding in the company stood at 54.48%, while Institutions and Non-Institutions hold 36.12% and 9.41%, respectively.

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