Sun Pharmaceutical Industries and Philogen S.p.A (BIT: PHIL) today announced that they have entered into a licensing agreement for commercializing Philogen's specialty product, Nidlegy™ (Daromun) in the territories of Europe, Australia and New Zealand.

Nidlegy™, currently in Phase III clinical trials, is a new anti-cancer biopharmaceutical which is being developed by Philogen for the treatment of melanoma and non-melanoma skin cancers.

Under the terms of the agreement, Sun Pharma will have exclusive rights to commercialise Nidlegy™ for indications of skin cancers in the territories of Europe, Australia and New Zealand.

Philogen will complete pivotal clinical trials for the product in Europe, pursue Marketing Authorization with the regulatory authorities and manufacture commercial supplies. Sun Pharma will be responsible for commercialization activities. The two partner companies will share post-commercialization economics in about 50:50 ratio. Other financial terms were not disclosed.

Philogen will retain the IP rights for Nidlegy™ for other territories and indications other than skin cancers.