Company Watch

Piramal Life Sciences becomes a listed company

Our News Bureau - Mumbai

Piramal Life Sciences Limited (PLSL), an R&D company demerged from Piramal Healthcare Limited (PHL), was listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). PLSL has a number of molecules in its research pipeline. PLSL also has a comprehensive library of plant extracts and microbial strains. Over the time PLSL had got into many strategic mergers and agreements. Within the framework of a drug development agreement inked with pharma major Eli Lilly in January 2007, PLSL is to develop and commercialise a select group of Eli Lilly's pre-clinical drug candidates spanning multiple therapeutic areas. And it is responsible for the design and execution of the global clinical development programme up to the end of phase II that includes investigational new drug (IND)-enabling non-clinical studies and human clinical trials. Milestone payments aggregating $100 million are to be received by PLSL upon successful completion of phases I, II and III, and a percentage royalty on sales will be received by the company upon the molecule's launch. PLSL also retains exclusive marketing rights for India and certain neighbouring countries.

In the context of an R&D collaboration agreement signed with Merck in November 2007 to discover and develop new drugs for two new oncology targets provided by Merck, PLSL will be responsible for carrying out an integrated drug discovery programme from hits to leads through pre-clinical candidate selection, followed by (IND)-enabling non-clinical studies and human clinical trials demonstrating proof-of-concept. PLSL is to receive milestone payments associated with progress in the development of drug candidate of up to $175 million per target, royalties on global sales upon successful launch of the product and retains marketing rights for India and certain neighbouring countries.

In January 2008, PLSL entered into a collaboration agreement with Pierre Fabre for research in oncology. The Pierre Fabre Group will provide expertise in screening and research in oncology, while PLSL will make available its natural products base, which will lead to the pharmacological characterisation of new molecules. PLSL has agreements with three Western and seven Indian academic research institutes for collaboration in discovery and development work.