Sun Pharma Advanced Research Company (SPARC), a pharma research & drug discovery company, witnessed a sharp gain in share price on Wednesday after the company announced that, it has licensed out XelprosTM (Latanoprost BAK-free eye drops) to a subsidiary of Sun Pharma for the US market.

In addition to up-front payment of USD 3 million, SPARC will receive certain other milestone payments, both totaling to USD16 million from Sun Pharma. It is also eligible for certain defined royalties and additional milestone payments linked to the actual sales performance of XelprosTM.

Shares of the company are trading at Rs 426.45, up Rs 20.3, or 5.00% at the Bombay Stock Exchange (BSE) on Wednesday at 10:15 a.m.

Total volume of shares traded on the bourses today was higher by 13.01% to 1,238,179 compared with 22-day average volume of 1,095,641.