Pharmaceutical company Lupin Ltd and US-based Cornerstone BioPharma Inc have entered into a $10.5 million licensing agreement for collaboration in clinical development of a novel drug delivery system for an anti-infective product.
As part of the agreement, Lupin would receive, in aggregate, an amount of $10.5 million, of which a part is linked to the achievement of certain milestones, the company informed the Bombay Stock Exchange on Thursday.
Cornerstone would have the rights to sell and market the prescription drug in US upon Food and Drug Administration approval, Lupin said.
The oral solid anti-infective market in the US represents approximately $10.2 billion. This partnership would bring clinical value to this market, it said.
The company retains manufacturing rights and would also receive royalty on sale of the product once it is approved by USFDA, it said.
Lupin chairman D E Gupta said this deal validates the company's strategy of applying novel drug delivery platforms to create value-added products in chosen therapeutic areas conforming to global standards.
"We value our partnership with Cornerstone and are sure their marketing expertise in the US will go a long way in realising the full potential of this product," he added.
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