Sun Pharmaceutical to invest USD 15 mn in Pharmazz Inc.

Sun Pharmaceutical Industries has entered into an agreement with Pharmazz Inc. Delaware US, pursuant to which Sun Pharma has agreed to invest upto $15 Mn investment resulting in more than 5% holding in Pharmazz Inc.

Pharmazz Inc (Pharmazz) is a Delaware, US corporation based in Willowbrook Illinois, US and is a biopharmaceutical company developing its two leading drug candidates, Sovateltide for treatment of acute cerebral ischemic stroke and Centhaquine for treatment of hypovolemic shock. Both products are approved in India and marketed through partners under brands, Tyvalzi (Sovateltide) and Lyfaquin (Centhaquine) and are being developed for USA and other markets.

Sun Pharma shall also receive the exclusive right to license Sovateltide for marketing & distribution in certain emerging market countries.