- SPARC enters agreement with Biomodifying to gain rights on antibody to treat cancer
Sun Pharma Advanced Research Company (SPARC) gained 2.54% to Rs 254.80 after the company said that it has entered into a licensing agreement with Biomodifying to acquire exclusive rights for antibody against unique oncology target.
SPARC on Friday said it has entered into an agreement with US-based Biomodifying LLC to exclusively license the latter’s intellectual property, including all patents and patent applications owned or controlled by Biomodifying, along with antibodies developed for multiple uses including for Cancer
Under the agreement, Biomodifying is eligible for an up-front payment, milestone payments on pre-specified clinical, regulatory, and commercial milestones, as well as royalties on sales.
In addition, SPARC will pay Biomodifying a percentage of payments received for sublicenses of the licensed IP.“This is an important milestone for SPARC. The licensing of antibodies from Biomodifying will assist us in our endeavour to transition SPARC into a company focussed on novel treatment modalities, including bi-specific antibodies and antibody drug conjugates” said Anil Raghavan, CEO of SPARC.
SPARC is a clinical stage bio-pharmaceutical company, It was formed in 2007 through a demerger from Sun Pharma, a global leader in speciality generics.
The company’s standalone net loss during Q2 FY22 was Rs 55.14 crore as compared to a net loss of Rs 61.37 crore in Q2 FY21. Revenue from operations surged 57.99% YoY to Rs 27.87 crore in Q2 September 2021.
Sun Pharma Advanced Research Company (SPARC) is a clinical stage bio-pharmaceutical company focused on continuously improving standards of care for patients globally, through innovation in therapeutics and delivery. SPARC was formed in 2007 through a demerger from SUN PHARMA, a global leader in speciality generics.
SPARC had out-licensed Elepsia XR to a subsidiary of Sun Pharmaceutical Industries Ltd in July 2016.
About Biomodifying LLC
Biomodifying, LLC is a biotech company dedicated to identifying and exploiting molecules over-expressed by cancer cells by developing next generation novel therapies that specifically target tumors while sparing normal, non-cancerous tissues.