Cadila Healthcare to sell rights of Zypitamagt drug

Cadila Healthcare on Monday has informed the bourses that it has entered into an agreement with Medicure lnc, a cardiovascular pharmaceutical company to sell its right, title and interest in Zypitamagt (Pitavastatin), along with applicable registrations and intangible assets relating to Zypitamag for USA and Canada markets.

Zypitamagt is a HMG-CoA reductase inhibitor indicated for adult patients with primary hyperlipidemia or mixed dyslipidemia as an adjunctive therapy to diet, to reduce elevated total cholesterol, low-density lipoprotein cholesterol, apolipoprotein B, triglycerides, and to increase high-density lipoprotein cholesterol.

As per this agreement, the company will get upfront payment of US$ 5 million (nearly Rs. 35.5 crore) and deferred payment of US$ 2 million (nearly Rs. 14.2 crore) which will be paid in next four years.

Earlier, Medicure had acquired U.S. marketing rights through a profit-sharing arrangement with Cadila. With this acquisition, Medicure retains all profits, with full control of marketing and pricing negotiation for USA and Canada markets.

In today's trading session, the stock of Cadila Healthcare was trading in positive terrain. The stock which opened at Rs. 236.25 touched intra-day high and low of Rs. 237 and 230.50 apiece respectively. At 12.39 hours the stock was trading at Rs. 234.20 apiece, up by 0.32 per cent.