Chennai: Domestic pharma major Cipla has signed a binding agreement with Pulmatrix Inc for co-development and licensing opportunity for a new drug under development for an upfront consideration of $22 million.
The agreement has been signed between the company’s wholly-owned subsidiary in the US, Cipla Technologies LLC with Pulmatrix Inc for an investment in phase two ready Pulmazole (inhaled ltraconazole).
Cipla said, ‘Entry into a definitive agreement is contingent upon Pulmatrix raising additional funds from the market.’
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, it added.