Glenmark close to $40 mn deal

Glenmark close to $40 mn deal
Comment E-mail Print Share
First Published: Sat, Apr 18 2009. 01 15 AM IST
Updated: Sat, Apr 18 2009. 01 04 PM IST
Mumbai: Drug maker Glenmark Pharmaceuticals Ltd could be on the verge of boosting its research and development business by the licensing out of a pain relief molecule—GRC-10693—it has developed, managing director and chief executive officer Glenn Saldanha said.
The recently completed phase I trials of this molecule in Europe has been encouraging, the firm has said.
Saldanha declined to comment of the details and size of the deal.
It could get up to $40 million (around Rs200 crore) as upfront payment once the deal is through, people familiar with the development said on condition of anonymity.
The drug maker’s research and development portfolio has faced a few challenges in the past. Glenmark had out-licensed its anti-diabetic clinical drug candidate Meloglibtin to Merck and Co. Inc., but Merck backed out of the deal.
Eli Lily and Co. also returned Glenmark’s pain-relief molecule GRC-6211 after unsatisfactory clinical findings. Glenmark had received $45 million as milestone payment on licensing out the drug.
cnbctv18@livemint.com
Comment E-mail Print Share
First Published: Sat, Apr 18 2009. 01 15 AM IST
More Topics: CNBC TV18 | Glenmark | Drug | Merck and Co | Eli Lilly |