Shares of Zydus Lifescience were trading in the green and 1% higher on 6 December after the company’s US subsidiary, Sentynl Therapeutics, assumed full responsibility for the development and commercialisation of CUTX-101 that is used in the treatment of Menkes disease.
The US arm of the company announced the execution of an assignment and assumption agreement with Cyprium Therapeutics, which is a subsidiary of Fortress Biotech. As a part of the agreement, Cyprium finished the transfer of its worldwide proprietary rights and the USFDA documents regarding the CUTX-101.
Matt Heck, CEO of Sentynl, said, “Menkes disease has a devastating impact on patients and their caregivers. With no current approved treatments, death usually occurs between 6 months and 3 years old. We are committed to advancing CUTX-101, which has the potential to become the first FDA-approved treatment for Menkes disease.”
In its quarterly report for July-September, the company reported a 53.2% year-on-year growth in consolidated net profit to Rs 800.7 crore for the quarter from Rs 522.5 crore reported in the same quarter last year.
The revenue increased by 5.6% YoY to Rs 4,368.8 crore during the September quarter from Rs 4,134.7 crore reported in the same quarter last year.
At 3:30 pm, the shares of Zydus Lifescience closed 0.0079% lower at Rs 634 on NSE.