Cipla inks $22 mn agreement with Pulmatrix Inc for asthma drug
Cipla has signed a binding agreement with Pulmatrix Inc for co-development and licensing opportunity for a new asthma drug under development for an upfront consideration of $ 22 million, the domestic pharma major has revealed.
It has been signed between, Cipla Technologies LLC, the Cipla’s wholly-owned subsidiary in the US, with Pulmatrix Inc for an investment in phase 2 ready Pulmazole (inhaled ltraconazole), an inhaled anti-fungal formulation of itraconazole aimed at treating allergic bronchopulmonary aspergillosis (ABPA) in asthma patients.
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“Entry into a definitive agreement is contingent upon Pulmatrix raising additional funds from the market,” Cipla stated.
Upon signing the definitive agreement, the co-development cost towards development and the total free cash flow in relation to commercialisation of Pulmazole will be further shared by both the parties in a phased manner, Cipla stated.
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