SPARC to sell priority review voucher for USD 195 mn

The company has entered into a definitive asset purchase agreement to sell its rare paediatric disease priority review voucher PRV for USD 195 million upon the closing of the transaction,Sun Pharma Advanced Research Company Ltd SPARC said in a regulatory filing.

Sun Pharma Advanced Research Company Ltd on Thursday said it will sell its rare paediatric disease priority review voucher for USD 195 million to an undisclosed buyer. The company has entered into a definitive asset purchase agreement to sell its rare paediatric disease priority review voucher (PRV) for USD 195 million upon the closing of the transaction,Sun Pharma Advanced Research Company Ltd (SPARC) said in a regulatory filing. PRV was granted by the US Food and Drug Administration (USFDA) for the approval of Sezaby indicated for the treatment of neonatal seizures, it added. As per the USFDA companies which create drugs for neglected diseases are given a voucher for use on another drug which will expedite the review process. ''The sale of the PRV will enable us to accelerate the development of our pipeline assets and strengthen our external innovation strategy, which has already delivered multiple additions to our portfolio,'' SPARC CEO Anil Raghavan said. The transaction is subject to customary closing conditions, the company said.