Orchid Pharma Ltd updates on new molecule OCID-5090

The Board of directors of Orchid Pharma Ltd has announced that the company had developed a new molecule known as OCID-5090, which was licensed to a company named Allecra Therapeutics, this molecule was undergoing the clinical trials and the company is happy to announce that the molecule has cleared the Phase 3 clinical trials.

Allecra Therapeutics would now either directly or through out license file for NDA of this molecule. Allecra has already out licensed the product to Haini Pharmaceuticals, China for the Chinese Territory at a value of $78mn plus royalties.

As per the IP Agreement between Orchid Pharma Limited and Allecra Therapeutics, Orchid is entitled to receive a Royalty of 6-8% on the worldwide sales of the product. Therefore, once the molecule is commercialised, Orchid can expect a regular stream of Royalty from Allecra. Further, the rights to develop and commercialise the molecule in India (which is under patent protection) remain with Orchid Pharma Limited, and the company is evaluating the various options to commercialise the product.

Shares of Orchid Pharma Ltd was last trading in BSE at Rs.1485.8 as compared to the previous close of Rs. 1483.55. The total number of shares traded during the day was 614 in over 231 trades.

The stock hit an intraday high of Rs. 1525 and intraday low of 1464.3. The net turnover during the day was Rs. 911245.

Source : Equity Bulls

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