Cadila Healthcare Stocks Rise Over 2%
Cadila Healthcare shares jumped over 2 per cent in the morning trade on Thursday after a Zydus group unit inked a pact with Cyprium Therapeutics to buy rights of a drug candidate to treat Menkes disease.
Cadila Healthcare is the listed entity of Zydus Group.
The pharmaceutical company's stocks were trading 1.98 per cent higher at Rs 442.50 on the BSE.
Similarly, on the NSE, the shares were 2.05 per cent up to Rs 442.35 apiece.
Zydus Group owned US-based Sentynl Therapeutics on Wednesday said it has inked a pact with Cyprium Therapeutics to acquire its proprietary rights to CUTX-101, a copper histidinate product candidate for the treatment of Menkes disease.
The company has executed an asset purchase agreement to commit development funding for and acquire Cyprium's proprietary rights to CUTX-101, Zydus Group said in a statement.
Under the agreement, Cyprium is eligible to receive up to USD 20 million in upfront development and regulatory cash milestones through new drug application (NDA) approval, as well as potential sales milestones, it added.
Cyprium will retain 100 per cent ownership over any FDA priority review voucher that may be issued at NDA approval for CUTX-101, it added.
Continued development of CUTX-101 will be overseen by a joint steering committee consisting of representatives from Cyprium and Sentynl.
Menkes is a rare pediatric disease and is characterised by distinctive clinical features, including sparse and depigmented hair, connective tissue problems, and severe neurological symptoms such as seizures, hypotonia, failure to thrive, and neuro developmental delays.
(PTI)
