SPARC surges on collaboration with HitGen
Sun Pharma Advanced Research Company Limited (SPARC) has announced its research collaboration with HitGen Limited to identify novel small molecule leads for targets of interest.
Under this collaboration, HitGen will use its advanced technology platform, based on DNA-encoded library design, synthesis and screening, to discover novel leads for SPARC. Under the terms of the agreement, HitGen will receive an upfront payment and will be eligible for certain milestone payments.
As per the management of SPARC, the combined research expertise through this collaboration shall accelerate the drug discovery efforts. It plans to bring in innovative medicines for patients with serious medical conditions.
HitGen is a growing biotech company having headquarters and research facilities in Chengdu, China and a subsidiary in the US. It is collaborating with many pharmaceutical, biotech, and chemical companies, foundations and research institutes in North America, Europe, Asia and Africa to discover and develop approaches for novel medicines and agrochemical solutions.
The stock of SPARC had closed at Rs. 196.70 per share on Tuesday. On Wednesday, it opened at Rs. 197.50 and surged by 3.5 per cent to Rs. 203.50 during the morning trading session.