Sun Pharma Advanced Research Company announced the signing of a binding Letter of Intent (LOI) with the University of California, San Francisco (UCSF), through the office of OTMA, and Tiller Therapeutics Inc. (Tiller) to license SPARC's rights in the joint intellectual property (IP) held between SPARC and UCSF for pre-clinical oncology asset along with associated IP. The LOI outlines the key terms of license and rights
for development and commercialization by Tiller.
Under the terms of the LOI, SPARC will receive 55% equity stake in Tiller upon execution of LOI. The equity will vest in two tranches; 45% equity will vest upon execution of license agreement and the remaining 10% equity will vest at the earlier of achievement of certain milestones by Tiller or within 6 months of execution of license agreement. Other terms of the license will be outlined in the license agreement.