India's Sun Pharma Advanced Research jumps on license deal

Sun Pharma Advanced Research

03/12/2021 09:13

** Shares of the biotech co  SPRC.NS  rise as much as 4.66%
— the biggest intraday gain since Nov. 23
    ** Co said https://archives.nseindia.com/corporate/SPARC_03122021140645_031221PressRelease.pdf
 on Friday it entered a deal with Biomodifying LLC to
exclusively license the latter's intellectual property and
antibodies developed for multiple uses, including for cancer
    ** As part of deal, Biomodifying will get an upfront
payment, milestone payments, and royalties on sales - SPRC 
    ** Licensing of antibodies from Biomodifying will help
transition company into one focussed on novel treatment
modalities - SPRC CEO Anil Raghavan
    ** About 536,201 shares traded hands, 1.5x the 30-day avg
    ** SPRC stock up about 28.4% YTD, as of last close

 (Reporting by Vishwadha Chander in Bengaluru)
 ((Vishwadha.Chander@thomsonreuters.com))