Commenting on the development, Cipla USA and Canada CEO Timothy Crew said: "We are delighted to be partnering with Salix Pharmaceuticals and to expand on our existing license to Salix to introduce rights to the 'Rifaximin Complexes' patent applications."
Drug major Cipla today granted a license to US-based Salix Pharmaceuticals Inc giving exclusive rights for certain patent applications of its 'Rifaximin Complexes', currently under drug development stage. "Under the agreement, Cipla has granted Salix exclusive rights under certain patent applications in the 'Rifaximin Complexes' patent family controlled by Cipla," the company said in a statement.
The grant is on a worldwide basis, excluding the countries of Asia (other than Japan) and Africa, it added. Commenting on the development, Cipla USA and Canada CEO Timothy Crew said: "We are delighted to be partnering with Salix Pharmaceuticals and to expand on our existing license to Salix to introduce rights to the 'Rifaximin Complexes' patent applications."
Salix is required to make an up-front payment and, upon achievement, additional regulatory milestone payments to Cipla in respect of the new license agreement, Cipla said without sharing details. "Salix also will pay a royalty on net sales of products covered by the 'Rifaximin Complexes' patents licensed to Salix," it added.
"This deal signifies our ongoing commitment to provide access to innovative treatments to patients worldwide," Cipla MD & Global CEO Subhanu Saxena said.
Generally, Rifaximin is used as an antibiotic. Last year the company had announced the expansion of its existing collaboration with Meda by granting global commercialisation rights for a proprietary combination nasal spray product (fluticasone and azelastine) Dymista, Cipla said.
Cipla stock price
On September 18, 2014, Cipla closed at Rs 620.25, up Rs 10.50, or 1.72 percent. The 52-week high of the share was Rs 639.05 and the 52-week low was Rs 366.70.
The company's trailing 12-month (TTM) EPS was at Rs 15.51 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 39.99. The latest book value of the company is Rs 125.69 per share. At current value, the price-to-book value of the company is 4.93.
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