Shares of Sun Pharmaceutical advanced over 4 per cent in morning trade on Wednesday after the drugmaker informed bourses that it would introduce some of its cancer treatment drugs in China through Britains AstraZeneca.The scrip was trading 4.31 per cent up at Rs 448.45 at around 9.45 am (IST), while the benchmark BSE Sensex was down 151 points, or 0.38 per cent, at 40,096.The agreement will help bring cost effective and quality drugs to patients in China.
As per the terms of the agreement, Sun Pharma will be responsible for the development, regulatory filings and manufacturing the products covered in the agreement, while AstraZeneca will exclusively promote and distribute these products in China.The initial tenure of the agreement is 10 years from the first commercial sale of said products in China.
The financial terms of the agreement are confidential, the company said in a regulatory filing.Kal Sundaram, Director of Corporate Development, Sun Pharma said, AstraZenecas leadership position will help us to make our products available to patients and doctors in China.
We see a great potential to introduce our speciality and generics products in the growing China market and this licensing agreement is another positive step in that direction.