Drug major Sun Pharma on Monday said it has entered into an exclusive licensing and distribution agreement with Hikma Pharmaceuticals for plaque psoriasis medicine, Ilumya, for the Middle East and North Africa (MENA) region. One of the company's wholly-owned subsidiaries and Hikma Pharmaceuticals have entered into the agreement for Ilumya, Sun Pharma said in a filing to BSE.
Under the terms of the licensing agreement, Hikma will be responsible for the registration and commercialisation of the product in all MENA markets and Sun Pharma will be responsible for product supply, it added.
"Sun Pharma is eligible for upfront and milestone payments from Hikma. The term of this agreement is 15 years from first sale, with two years' automatic renewal periods," the filing said.
Sun Pharma, however, did not provide any financial details of the agreement.
"Hikma's strong presence in the MENA region will enable access to a new treatment option for people who are unable to manage their moderate-to-severe plaque psoriasis," Sun Pharma Emerging Markets Senior VP Aalok Shanghvi said.
Ilumya (tildrakizumab) is an United States Food and Drug Administration (USFDA)-approved innovative monoclonal antibody used for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy, Sun Pharma said.
Shares of Sun Pharma were trading at Rs 478.55 per scrip on BSE, down 0.26 per cent from their previous close.