Mumbai, May 23: Alembic has inked a licencing agreement with Belgian company UCB for its anti-epileptic drug Keppra XR.

Alembic will receive milestone payments of $11 million and additional royalty on the worldwide sales of the drug.

Director Pranav Amin, in charge of business development, told The Telegraph that Keppra is the first product to be outlicensed and there are about four or five products which are in various stages of development.

Alembic shares jumped on the Bombay Stock Exchange today. The scrip closed higher at Rs 65.10, up 12.53 per cent or Rs 7.25 .