specialized pharmaceutical business with a strong and diverse pipeline of commercial and early to late-stage pharmaceutical goods. As part of the Amendment, Cipher will continue to receive a royalty on Sun Pharma’s isotretinoin product portfolio in the United States and will remain in charge of manufacturing the provided product. The addendum extends the partnership beginning from 30 November 2022 through 31 December 2026.
Craig Mull, Interim CEO of Cipher, expressed delight over the extension deal. He said, “This is a significant milestone for Cipher. Sun Pharma has been an excellent partner on our isotretinoin portfolio and we are pleased to extend the term of our relationship for an additional four years, through the end of 2026”. Citing the past relationship with Sun Pharma, he expressed confidence in the deal. He added, “During the second quarter of 2021, the Company launched Absorica AG with Sun Pharma and implemented a plan to ensure we had products to serve each segment of the market, while retaining our overall market share. This Amendment is testament to the success of our strategy and provides Cipher with enhanced visibility into stable revenue and cash flow for years to come. This will help to further strengthen our balance sheet, which had over US$15.6 million in cash as at the end of September, 2021, for the next phase of our growth”.
