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Our Bureau

Mumbai , May 5

LUPIN Ltd has entered into a $ 10.2 million licensing agreement with Cornerstone BioPharma Inc, for the clinical development of an anti-infective product.

Both the companies would collaborate in the clinical development of a novel drug delivery system (NDDS) for the anti-infective product.

Cornerstone has the rights to sell and market the prescription drug in the US upon FDA approval. "The oral solid anti-infective market in the US represents approximately $ 10.2 billion. This partnership will bring clinical value to this market," Lupin said in a notice to the stock exchange.

A part of the $ 10.5-million will be linked to the achievement of certain milestones.

Lupin retains manufacturing rights and will also receive royalty on sale of the product once it is approved by USFDA.

"This deal validates Lupin's strategy of applying novel drug delivery platforms to create value-added products in chosen therapeutic areas conforming to global standards. I believe that this is only the second instance of an Indian company licensing out a NDDS product," the company said quoting its chairman, Dr D.E. Gupta.

Shares of Lupin moved up to end the session at Rs 614.65 from the previous close of Rs 556.60 on the Bombay Stock Exchange. It touched a high of Rs 624.

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