SPARC licenses Elepsia XR drug to Sun Pharma

Sun Pharma along with its subsidiaries and associates announced licensing agreement for (Sun Pharma Advanced Research Company) SPARC’s Elepsia XR. The license will be given to Sun Pharma’s wholly owned subsidiary for US markets.

Sun Pharma’s founder Dilip Sanghvi holds 11.38 per cent stake in SPARC. SPARC is engaged in research and development and clinical trials for new chemical entities. The stock of SPARC has risen 4 per cent and more at Rs 365 while Sun Pharma has risen marginally at Rs 777.

Sun Pharma has agreed to pay 10 million USD to SPARC with some additional royalty fees for any future sales of Elepsia XR (levetiracetam extended-release tablets). The drug has received USFDA approval in March 2015 but had cancelled the approval as the Halol site of Sun Pharma was not acceptable on approval date. Once it is re-approved SPARC could commercialise the drug in US markets via Sun Pharma.

Sun Pharma aimed at getting licensing for Elepsia XR to make it available for epilepsy patients who survive on multiple pills of Levetiracetam on daily basis. Elepsia XR is designed by using SPARC’s proprietary wrap matrix technology as an innovative once-a-day formulation of Levetiracetam. It is designed to decrease pill burden and help improve convenience and compliance in these patients.

Sun Pharma’s founder Dilip Sanghvi holds 11.38 per cent stake in SPARC. SPARC is engaged in research and development and clinical trials for new chemical entities.