Sun Pharma Advanced Research Company Ltd (SPARC) announced on Tuesday, December 17, that it has signed a binding Letter of Intent (LoI) with the University of California, San Francisco (UCSF) and Tiller Therapeutics Inc. to license its rights to a pre-clinical oncology asset developed through a three-year collaboration.
The agreement also includes the licensing of associated intellectual property (IP) to Tiller Therapeutics, which will continue the development and commercialization of the oncology asset. This asset targets the treatment of solid tumors, an area with significant unmet medical need.
As part of the LoI, SPARC will acquire a 55% equity stake in Tiller Therapeutics. This equity will be granted in two phases: 45% upon the execution of the license agreement, and the remaining 10% will vest after certain milestones are met or within six months of the agreement.
SPARC emphasized that further details regarding the license agreement, including additional terms and conditions, will be finalized in the coming months.
Anil Raghavan, CEO of SPARC, expressed excitement about the partnership, noting the potential to address solid tumors that affect millions each year, with no current cure.
Following the announcement, shares of Sun Pharma Advanced Research Company were trading 1.32% lower at ₹227.45 apiece on the BSE at 10:28 am.
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