- The research collaboration pact is aimed at identifying unique small molecule leads for targets of interest
- HitGen would apply its high-grade technology platform to find unique leads for SPARC
Sun Pharma Advanced Research Company (SPARC), the research arm of India-based multinational drug manufacturer Sun Pharmaceutical Industries Limited, has reportedly announced to have signed a research collaboration agreement with China’s biotech company HitGen.
As per trusted sources, the research collaboration pact is aimed at identifying unique small molecule leads for targets of interest. HitGen would receive upfront payment and would be eligible for specific milestone payments, stated the terms of the deal.
Both the companies issued a joint statement which noted that HitGen would apply its high-grade technology platform, based on DNA-encoded library design, screening, and synthesis, to find unique leads for SPARC. However, the statement did not elaborate on the details of the payments.
According to a report published by Business Standard, HitGen is a biotech firm with headquarters and key research units based in Chengdu, China, and has a subsidiary in the United States.
The Chief Executive Officer of SPARC, Anil Raghavan reportedly commented that the company’s in-house research expertise combined with HitGen’s novel DNA-encoded library based screening platform would accelerate the drug discovery effects. SPARC looks forward to collaborating with HitGen to bring innovative drugs for patients with critical medical conditions, Raghavan further added.
Chairman of the Board and the Chief Executive Officer of HitGen, Jin Li reportedly stated that the firm plans to work closely with the scientists of SPARC to generate unique leads for their novel research programs to address unmet medical needs.
Sources familiar with the development claim that the shares of SPARC were trading 2.08% higher than its earlier close price of INR 200.80 per piece on the Bombay Stock Exchange.