Sun Pharma Advanced gains 3% on research collaboration with Chinese firm

Under the terms of the agreement, HitGen will receive upfront payment and will be eligible for certain milestone payments, company said

Share price of Sun Pharma Advanced Research Companygained 3.4 percent intraday on March 13 after the company entered into research collaboration with a Chinese firm.

HitGen, with headquarters and main research facilities based in Chengdu, China and with a subsidiary in the USA and Sun Pharma Advanced Research Company (SPARC) announced a research collaboration to identify novel small molecule leads for targets of interest, as per company’s release.

Under this collaboration, HitGen will apply its advanced technology platform, based on DNA-encoded library design, synthesis and screening, to discover novel leads for SPARC.

Under the terms of the agreement, HitGen will receive upfront payment and will be eligible for certain milestone payments, the company added.

Anil Raghavan, CEO of SPARC, “We believe Hitgen’s unique DNA-encoded library based screening platform combined with SPARC’s in-house research expertise, shall accelerate our drug discovery efforts. We look forward to collaborating with Hitgen to bring innovative medicines for patients with serious medical conditions.”At 0958 hours, Sun Pharma Advanced Research Company was quoting at Rs 200.60, up Rs 3.90, or 1.98 percent on the BSE.

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