The LoI outlines the key terms of license and rights for development and commercialization by Tiller.
Under the LoI, SPARC will receive a 55% equity stake in Tiller upon execution of the agreement. The equity will vest in two tranches: 45% upon execution of the license agreement, and the remaining 10% upon the achievement of specific milestones or within 6 months of the agreement's execution.
Anil Raghavan, CEO of SPARC, said, “We are excited about the opportunity to partner with Tiller to advance potential treatment of solid tumors affecting millions each year, with no current cure.”
Sun Pharma Advanced Research Company (SPARC) is a pharmaceutical company focused on continuously improving standards of care for patients globally through innovation in therapeutics and delivery.
The company reported a net loss of Rs 107.28 crore in Q2 FY25 as compared with net loss of Rs 86.08 crore in Q2 FY24. Net sales declined 39.29% year on year (YoY) to 12.86 crore in the quarter ended 30 September 2024.
Shares of Sun Pharma Advanced Research Company fell 1.45% to Rs 227.15 on the BSE.