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Drug major Sun Pharmaceutical Industries on Wednesday said it has entered into a licensing agreement with Ferring Pharmaceuticals to commercialise innovative obstetric drug Caritec in India. One of the company's wholly-owned subsidiaries has entered into a license agreement with Ferring Pharmaceuticals Pvt Ltd -- a subsidiary of Switzerland-based Ferring Pharmaceuticals -- to commercialise a room temperature stable formulation of the obstetric drug Caritec in India, Sun Pharma said in a regulatory filing.

The drug is indicated for the prevention of excessive bleeding in women after vaginal or caesarean childbirth, it added.

As per the agreement, Sun Pharma is granted rights for co-marketing of the drug in India in the private market under the brand name Caritec.

Ferring has developed the drug and received approval from the Drugs Controller General of India (DCGI) for introducing the medicine in India, Sun Pharma said.

"Through our collaboration with Ferring, we are introducing an innovative medicine that will help in reducing thousands of deaths from postpartum haemorrhage (PPH) every year," Sun Pharma India business CEO Kirti Ganorkar said.

PPH is a leading cause of maternal mortality worldwide and in countries like India. Postpartum bleeding is a largely preventable and manageable condition, the statement said.

Shares of Sun Pharmaceutical Industries closed at Rs 677.65 per scrip on BSE, up 0.95 per cent from its previous close.