Under terms of the agreement, Sun Pharma will acquire worldwide rights to tildrakizumab for use in all human indications from Merck in exchange for an upfront payment of USD 80 million.
Pharma major Sun Pharmaceutical Industries today entered into a licensing agreement with Merck & Co Inc for investigational therapeutic antibody candidate, tildrakizumab to be used for treatment of plaque psoriasis. Under terms of the agreement, Sun Pharma will acquire worldwide rights to tildrakizumab for use in all human indications from Merck in exchange for an upfront payment of USD 80 million, the companies said in a joint statement.
Tildrakizumab is being evaluated in Phase III registration trials for the treatment of chronic plaque psoriasis, a skin ailment. "Merck will continue all clinical development and regulatory activities, which will be funded by Sun Pharma. Upon product approval, Sun Pharma will be responsible for regulatory activities, including subsequent submissions, pharmacovigilance, post approval studies, manufacturing and commercialisation of the approved product," it added.
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Merck is eligible to receive undisclosed payments associated with regulatory (including product approval) and sales milestones, as well as tiered royalties ranging from
mid-single digit through "teen percentage" rates on sales, the
joint statement said.
Commenting on the development, Merck Research Laboratories Business Development and Licensing Senior Vice President Iain D Dukes said: "We are pleased to enter into this agreement with Sun Pharma to help realise the potential of tildrakizumab for patients with chronic plaque psoriasis." This is consistent with company's previously announced global initiative to sharpen it's commercial and R&D focus, including prioritising the late stage pipeline candidates, he added.
Sun Pharma Business Development Senior Vice President Kirti Ganorkar said: "This collaboration is a part of our strategy towards building our pipeline of innovative
dermatology products in a market with strong growth potential." The transaction is subject to customary closing conditions, including the requirements under the Hart Scott-Rodino Antitrust Improvements Act, the statement said.
Sun Pharma stock price
On September 17, 2014, Sun Pharmaceutical Industries closed at Rs 792.30, down Rs 5.6, or 0.7 percent. The 52-week high of the share was Rs 877.40 and the 52-week low was Rs 535.55.
The company's trailing 12-month (TTM) EPS was at Rs 1.46 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 542.67. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 19.03.
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