HitGen Ltd. and Sun Pharma Advanced Research Company Ltd. (SPARC) (Reuters: SPRC.BO, Bloomberg: SPADV IN, NSE: SPARC, BSE: 532872) today announced a research collaboration to identify novel small molecule leads for targets of interest. Under this collaboration, HitGen will apply 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 upfront payment and will be eligible for certain milestone payments.
"We are delighted to enter into collaboration with SPARC, a global pharmaceutical company headquartered in Mumbai. This collaboration further emphasizes the role of HitGen in the rapidly developing field of DNA-encoded chemistry. We will work closely with SPARC scientists to generate novel leads for their innovative research programs to address unmet medical needs." said Dr. Jin Li, Chairman of the Board and Chief Executive Officer of HitGen.
"We believe Hitgen's unique DNA-encoded library based screening platform combined with SPARC's in-house research expertise, shall accelerate our drug discovery efforts. We look forward to collaborating with Hitgen to bring innovative medicines for patients with serious medical conditions." said Anil Raghavan, CEO of SPARC.
Shares of SUN PHARMA ADVANCED RESEARCH COMPANY LTD. was last trading in BSE at Rs.196.7 as compared to the previous close of Rs. 195.3. The total number of shares traded during the day was 268013 in over 2783 trades.
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