Nicholas Piramal India (NPIL), one of the largest pharmaceutical and healthcare companies in India, has informed that the company has entered into a long-term strategic alliance with US-based DxTech, a subsidiary of XL TechGroup.

The strategic alliance includes a product development and licensing agreement, a distribution agreement and the establishment of a joint venture sales and marketing company in India.

The deal gives Nicholas Piramal an exclusive license to DxTech's Vantix platform in India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan.

In return, NPIL has paid a multi-billion-dollar upfront fee and will pay three further product development fees, based on specific milestones over the next 18-36 months, each for at lease $ 1 million.

Apart from these, DxTech will also receive long-term royalties based on gross sales in India, as well as its share of profits made by the joint venture.

The share of Nicholas Piramal was closed on Wednesday at Rs 349 on NSE, up 1% compared with previous close of Rs 346.