Cipla subsidiary and Pulmatrix agree to develop Pulmazole
Cipla Technologies, a subsidiary of Cipla and Pulmatrix Inc., a clinical stage biopharmaceutical company focused on developing novel inhaled therapeutics to serve unmet needs in respiratory disease, announced signing a definitive agreement for the co-development and commercialization of Pulmazole.
The drug Pulmazole is an inhaled iSPERSE (inhaled small particles easily respirable and emitted) formulation of the anti-fungal drug itraconazole for the treatment of allergic bronchopulmonary aspergillosis (ABPA) in patients with asthma.
Cipla Tech will make an upfront payment of US$22 million to Pulmatrix in exchange for assignment of all rights for Pulmazole in relation to pulmonary indications to Cipla Tech. Thereafter, the two companies will equally share costs related to the future development and commercialization of Pulmazole and also equally share worldwide free cash flow from future sales of Pulmazole. Pulmatrix will remain primarily responsible for the execution of the clinical development of Pulmazole and Cipla Tech will be responsible for the commercialization of the product. A Joint Steering Committee will oversee the partnership with equal representation from both companies.
On Tuesday, Cipla was trading at Rs. 566.6 per share, up 0.04 per cent on the BSE.