Sun Pharma to acquire cancer drug for $175m deal

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New Delhi : Drug major Sun Pharmaceutical Industries said it is all to acquire a branded oncology product, Odomzo, from Novartis for an upfront payment of $ 175 million.

The agreement has been signed between subsidiaries of both the companies and will close following anti-trust clearance and further closing conditions. 

The agreement has been inked for an upfront payment of $ 175 million and additional milestone payments.

The company sees meaningful global potential for Odomzo by leveraging Sun Pharmas existing dermatology and oncology infrastructure to provide an innovative product to patients worldwide.

Odomzo was approved by the USFDA in July 2015. It is indicated for the treatment of adult patients with locally advanced basal cell carcinoma.