Chennai based Orchid Chemicals and Pharmaceuticals Ltd has transferred the intellectual property (IP) related to an antibiotic discovery programme to Europe-based Allecra Therapeutics confirmed a top company official. ‘We have completed the in-house animal trials on the proposed drug. We have transferred the IP to Allecra in a cash-cum-stake deal. We will hold around 20% stake in Allecra and receive around $1 million in cash soon’ said K Raghavendra Rao Chairman and Managing Director of Orchid. Under the terms of the agreement together with shareholding and cash payment Orchid is eligible to receive further royalties and exit bonuses based on
