Sun Pharma will pay CSIR-IICT upfront and potential development, regulatory and sales milestone payments totalling up to Rs 240 crore plus royalties on net sales from commercialisation of the products developed using these patents, it added.
The pact is for patents related to certain compounds with potential therapeutic activity across multiple indications.
The company will be responsible for development, regulatory filings, manufacturing and commercialisation of these potential products, the statement said.
"This collaboration with CSIR-IICT for developing new drugs is part of our broader strategy for enhancing our global specialty pipeline," Sun Pharma MD Dilip Shanghvi said.
The drug firm is making earnest efforts to bring innovations from Indian research institutes to the market to address the unmet needs of patients globally. The collaboration with CSIR-IICT is a step in this direction, he added.
This agreement will facilitate addition of pre-clinical candidates to Sun Pharma's global specialty pipeline, the statement said.
"A successful clinical development of these potential compounds may enable Sun Pharma to commercialise pharmaceutical products for various therapeutic indications over the long term," it added.
Shares of Sun Pharmaceutical Industries were trading at Rs 417.15 per scrip on the BSE, down 4.66 per cent from the previous close.