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Strides partners SUDA Pharma in US; Bullish formation – Will it continue?

Strides is a Bangalore headquartered pharmaceutical company operating in the business verticals of Regulated Markets and Emerging Markets. While SUDA Pharmaceuticals Ltd. is a drug delivery company headquartered in Perth, Western Australia.

Strides Pharma’s wholly-owned subsidiary, Strides Pharma Global Pte Limited, Singapore signed a partnership agreement with SUDA Pharmaceuticals Limited for the exclusive product development, licensing and supply of sumatriptan in the US market.

The mint-flavoured oral spray of sumatriptan is used for the treatment of acute migraine headaches in adults. By means of in-house development and partnerships, the company is positioned to build a portfolio of limited competition products such as sumatriptan, offering exclusivity for a sustainable duration. Sumatriptan (SUD-001H) will utilize SUDA’s recently developed proprietary OroMist hydrotrope technology which enhances the rate and quantity of drug absorption. Thus, it is fast-acting and effective.

The terms of the partnership agreement are such that SUDA will receive an upfront cash payment of US$ 0.4 million in exchange for product development services funded by Strides. SUDA will also work collectively with the Strides team to obtain USFDA approval for the product. In due course, SUDA will be entitled to receive further payment of US$ 0.6 million upon accomplishing certain milestones such as the pilot first-in-man clinical study as well as the submission and approval of the product in the US. Once the drug is on the market, SUDA will receive royalties and a handling fee.

Stock has been on move from today’s morning and is trading with about 10% gains. Strong up-move has led price to shows good bounce back after recent consolidation. Will the rally persist? As stock trading in make or break level, one should wait for the follow-up action to emerge. Stock price has already cleared above daily cloud zone with CS line breakout and momentum showing bullish scenario formation. RSI ticks higher above 60 with positive crossover in DI line. Thus, if the follow-up is seen, the signal will be strong for the rally to continue.

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