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Indian drug major Sun Pharmaceutical Industries Ltd said it entered into $50 million licensing agreement with Spanish firm Almirall for the development and commercialisation of tildrakizumab for psoriasis in Europe.
In a statement issued late Wednesday night, Sun Pharma said under the terms of the license agreement, Almirall will pay an initial upfront payment of $50 million.
"Phase-3 studies of tildrakizumab have recently been completed. Sun Pharma will be eligible to receive development and regulatory milestone payments and, additionally, sales milestone payments and royalties on net sales, the terms of which are confidential," the statement said.
Psoriasis is a chronic immune disease that appears on the skin. It affects an estimated 7.5 million people in the US and approximately 125 million people worldwide, the statement said.
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