Sun Pharma Advanced Research Company Ltd. (SPARC) has entered into a definitive agreement to sell its Rare Paediatric Disease Priority Review Voucher (PRV) for US $195 million. The voucher was originally granted by the U.S. FDA following the approval of Sezaby®, a medication for treating neonatal seizures. The transaction is expected to close subject to customary conditions, including the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act.
Transaction Overview
On April 30, 2026, SPARC announced the strategic decision to monetize its Priority Review Voucher. This asset, valued at US $195 million, was earned by the company following the successful FDA approval of Sezaby®, an innovative formulation of phenobarbital sodium powder used for the management of neonatal seizures.
Strategic Implications
The capital generated from this sale is intended to support the company’s long-term growth objectives. According to Anil Raghavan, CEO of SPARC, the infusion of funds will be utilized to accelerate the development of the company’s existing pipeline assets and further strengthen its external innovation strategy. This move reflects the company’s ongoing commitment to improving therapeutic standards and operational efficiency.
Next Steps
The asset purchase agreement is subject to standard closing conditions. As part of the process, the transaction must pass the regulatory review under the Hart-Scott Rodino (HSR) Antitrust Improvements Act. Stifel has served as the exclusive financial advisor to SPARC, guiding the company through the successful execution of this high-value agreement.
Source: BSE
