Sun Pharmaceutical Ltd. has reportedly stated that it is all et to acquire Novartis’ cancer ailment drug named Odomzo for almost 175 million USD. The branded oncology product will be taken under possession soon which was declared during a regulatory filing to stock exchanges with a whopping charge of additional milestone payments apart from the acquisition amounts.
The proposed deal,as detailed to the press, is subject to anti-trust clearance and other closing conditions which subsequently counts on Singapore sovereignwealth fund GIC as well as State investment firm Temasek. The company has already made several acquisitions thus entering in new segments over the past few months. In October, Sun Pharma acquired Swiss firm Ocular Technologies so as to boost its ophthalmic pipelines. It further made payments to Auven Therapeutics in the context of Ocular’s eye disease treatment drug Seciera.
Approved by the US Food and Drug Administration(USFDA) in July 2015, Novartis‘s Odomzo moulded itself in unlikely hedgehog pathway inhibitors indicating for the cure of adult patients with locally advanced basal cells carcinoma which recurs followed by surgery or radiation therapy. Useful even for those who are not undergoing any surgery or radiation therapy.
The respective drug named Odomzo gives the pharmaceutical firm a golden opportunity to expand its segment in a meaningful direction towards the latest paved section dermatology subsequently reporting, innovating and expanding into the oncology thus rendering upon an existing brand. The assurance of acquisition came into light after Sun Pharma entered into dermatology section in June 2016 with the launch and introduction of its first sunscreen product Suncros thus eyeing towards business expansionin an over-the-counter portfolio.