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“Under terms of the licence agreement, SPARC will be eligible to receive tiered royalties ranging from 15 per cent to 50 per cent on net sales,” the corporate stated in an announcement.
SPARC stated Tripoint shall be accountable for all US regulatory submissions and fee of annual PDUFA (The Prescription Drug User Fee Act) charges for Elepsia XR 1,000 mg and Elepsia XR 1,500 mg.
The preliminary time period of the settlement shall be 5 years and could also be additional prolonged as per mutual settlement between the events.
“Elepsia XR can bring down the daily pill burden significantly and will be an alternative treatment option for patients suffering with epilepsy,” stated Anil Raghavan, CEO of SPARC.
Shares of SPARC had been buying and selling 1.66 per cent larger at Rs 171.70 apiece on BSE.