SPARC on Tuesday announced the grant of an exclusive license to Tripoint Therapeutics LLC, USA (Tripoint) to commercialize Elepsia XR 1000 mg and Elepsia XR 1500 mg tablets in the USA. The drug is indicated as adjunctive therapy for the treatment of partial onset seizures in patients 12 years of age and older.

Under terms of the license agreement, SPARC will be eligible to receive tiered royalties ranging from 15% to 50% on net sales. Tripoint will be responsible for all US regulatory submissions and payment of annual PDUFA fees for Elepsia XR 1000 mg and Elepsia XR 1500 mg. The initial term of the agreement shall be 5 years and may be further extended as per mutual agreement between the parties.

"Elepsia XR can bring down the daily pill burden significantly and will be an alternative treatment option for patients suffering with epilepsy," said Anil Raghavan, CEO of SPARC.

SPARC is engaged in research and experimental development on natural sciences and engineering. The company operates through pharmaceuticals research and development segment.

After reporting losses in the past eight quarter, SPARC returned to profitability in the June quarter. The company recorded a net profit of Rs 56.69 crore in Q1 FY21 as compared to a net loss of Rs 94.19 crore in Q1 FY20. Net sales in the first quarter surged to Rs 185.45 crore from Rs 17.32 crore reported in the same period last year.