New Delhi: Drug major Sun Pharma and South Korean firm Samsung BioLogics on Tuesday announced a long-term manufacturing agreement for Tildrakizumab to be used for treatment of psoriasis.


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"The agreement was entered into by Sun Pharma's wholly- owned subsidiary and Samsung BioLogics," the two companies said in a joint statement.


The approximate value of the contract will be USD 55.5 million (over Rs 359 crore), other financial details of the pact are confidential, they added.


As per the pact, Sun Pharma has appointed Samsung BioLogics to manufacture Tildrakizumab, an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate to severe plaque psoriasis, the joint statement said.


Filings for this novel investigational biologic has been accepted for review by the US Food and Drug Administration (USFDA) and the European Medicines Agency (EMA), it added.


Commenting on the development, Samsung BioLogics President and CEO TH Kim said: "Our collaboration with Sun Pharma is an important milestone for Samsung as it is a testament of our ability to provide reliable supply through its GMP-certified manufacturing facility to pharmaceutical companies, which aim to expand their global market."


Through this partnership, Sun Pharma will leverage Samsung's manufacturing knowledge and world class quality systems to provide high quality products for the Tildrakizumab pipeline, Sun Pharma Portfolio Management & Business Development Global Head Kirti Ganorkar said.


Shares of Sun Pharma were trading 0.23 percent down at Rs 550.25 on BSE.