Sequent Scientific today announced that Gilead Sciences has licensed Sequent to produce active pharmaceutical ingredients (APIs) Sofosbuvir and ledipasvir for treatment of chronic hepatitis C.

Under the agreement, Sequent will receive a complete technology pack from Gilead to enable scale up production of the APIs as quickly as possible.

Sofosbuvir was approved under the trade name Sovaldi by the US food and drug administration (FDA) in December 2013 and by the European Commission in January 2014.

Shares of the company declined Rs 4.95, or 1.04%, to settle at Rs 470.90. The total volume of shares traded was 35,034 at the BSE (Monday).