Sun Pharma climbs 2% as drug maker enters Chinese markets

NEW DELHI: Shares of Sun Pharma climbed nearly 2 per cent in Friday's session and looked on course to extend their winning spree into the fifth consecutive session.

The drug major on Thursday said one of its wholly-owned subsidiaries has entered into a licensing agreement with a subsidiary of China Medical System Holdings for the development and commercialisation of its dermatology products.

Tildrakizumab is a biologic product for psoriasis and psoriatic arthritis, while Cyclosporine A 0.09 per cent is an eye drop. The agreement is for development and commercialisation in Greater China, including Mainland China, Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan.

China Medical System will pay Sun Pharma an initial upfront payment, regulatory and sales milestone payments, and royalties on net sales, the terms of which are confidential, the company said in a statement.

Shares of Sun Pharma traded 1.42 per cent up at Rs 408.50 on BSE around 9:42 am.