Sun Pharma Advanced Research Company (SPARC) has entered into a definitive asset purchase agreement to sell its Rare Paediatric Disease Priority Review Voucher (PRV) for US $195 million upon the closing of the transaction.

PRV was granted by the U.S. Food and Drug Administration (FDA) for the approval of Sezaby' indicated for the treatment of neonatal seizures.

'The sale of the PRV will enable us to accelerate the development of our pipeline assets and strengthen our external innovation strategy, which has already delivered multiple additions to our portfolio,' said Anil Raghavan, CEO of SPARC. The transaction is subject to customary closing conditions, including expiration of the applicable waiting period under the Hart-Scott Rodino (HSR) Antitrust Improvements Act.

Stifel acted as the exclusive financial advisor to SPARC with respect to this transaction.