Sun Pharma Advanced Research Company (SPARC) has announced the sale of its Rare Paediatric Disease Priority Review Voucher (PRV) for a substantial $195 million. The transaction, which is subject to customary closing conditions, marks a significant milestone for the company.
The PRV was originally granted by the U.S. Food and Drug Administration (FDA) following the approval of Sezaby®, a treatment for neonatal seizures. This strategic sale is expected to bolster SPARC’s development of pipeline assets and enhance its external innovation strategy, according to Anil Raghavan, CEO of SPARC.
Stifel served as the exclusive financial advisor for SPARC in this transaction. The deal is pending the expiration of the applicable waiting period under the Hart-Scott Rodino (HSR) Antitrust Improvements Act.
Sezaby® is a benzyl alcohol and propylene glycol-free formulation of phenobarbital sodium powder for injection, approved by the FDA for the treatment of neonatal seizures.
SPARC, a pharmaceutical company, is dedicated to improving patient care globally through innovative therapeutics and delivery methods. The company aims to reduce costs and enhance operational efficiencies to make treatments more accessible and affordable worldwide.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Yash Agarwal and reviewed by Aman Shukla before publication.