Mumbai: Pharmaceutical company, Lupin has sold certain patent and intellectual property rights of its hypertension drug `Perindopril' to French firm Laboratories Servier for Rs115.31 crore (euro 20 million).
The EU market for perindopril is worth around $400 million, Lupin said.
The company had entered into an agreement with Laboratoires Servier, earlier in February, for the sale of certain patent applications and other related intellectual property for `Perindopril' for some other countries.
This deal would potentially give an upside to the earnings of the company, Lupin said in a filing with the Bombay Stock Exchange (BSE).
"The income from this sale significantly boosts our performance for the previous quarter. It obviously goes a long way to demonstrate our research and IP capabilities,'' Lupin managing director Kamal Sharma said in the release.
For the quarter ended December 2006, Lupin posted 26.79 per cent increase in net profit at Rs56.03 crore as compared to Rs44.19 crore for the same quarter in 2005.
Total income (net of excise) increased to Rs511.20 crore for the December quarter from Rs436.51 crore in the corresponding quarter in 2005.
Servier markets and sells branded forms of perindopril in several EU and other non-US countries.