Shares of Sun Pharmaceutical Industries and AstraZeneca Pharma added 5 percent and 2 percent, respectively, on November 5 after the two companies entered into a licensing agreement.
Sun Pharmaceutical Industries and AstraZeneca UK Ltd agreed to introduce certain novel ready to-use (RTU) infusion oncology products in China, a Sun Pharma BSE release said.
The agreement will help to bring cost-effective and quality drugs to patients in China.
As per the agreement, Sun Pharma will be responsible for development, regulatory filings and manufacturing the products covered in the agreement, while AstraZeneca will exclusively promote and distribute these products in China.
The initial tenure of the agreement is 10 years from the first commercial sale of the said products.
The financial terms of the agreement remain confidential.
At 1010 hours, Sun Pharmaceutical was quoting at Rs 440.65, up Rs 10.75, or 2.50 percent, and AstraZeneca Pharma was quoting at Rs 2,620.00, up Rs 46.65, or 1.81 percent, on the BSE.
News Source: Moneycontrol