Sparc Secures $195 Million from Priority Review Voucher Sale in the US

Sun Pharma Advanced Research Company to Sell Rare Paediatric Disease Priority Review Voucher for $195 Million

Sun Pharma Advanced Research Company (SPARC) has announced that it will sell its rare paediatric disease priority review voucher (PRV) for $195 million to an undisclosed buyer. The company has entered into a definitive asset purchase agreement to sell the PRV, with the transaction expected to close upon completion of customary closing conditions.

The PRV was granted by the US Food and Drug Administration (USFDA) for the approval of Sezaby, indicated for the treatment of neonatal seizures. PRVs are tradable vouchers issued by the USFDA to incentivize the development of treatments for rare pediatric conditions. These vouchers can be redeemed to secure a priority review for a separate, future drug application, often shaving months off the review clock for high-value assets.

The sale of the PRV is expected to enable SPARC to accelerate the development of its pipeline assets and strengthen its external innovation strategy. Under this strategy, the company has already delivered multiple additions to its portfolio. Anil Raghavan, CEO of SPARC, stated that the sale of the PRV will allow the company to pursue its external innovation strategy, which has already shown significant results.

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The transaction is subject to customary closing conditions, including the expiration of the applicable waiting period under the Hart-Scott Rodino (HSR) Antitrust Improvements Act.

Note: The revenue and growth rate figures are not directly related to the sale of the PRV, but are included to provide context on SPARC's financial performance.