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Glenmark gets $15 mn from Salix for upgradation

Glenmark gets $15 mn from Salix for upgradation
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First Published: Tue, Jul 26 2011. 10 38 AM IST
Updated: Tue, Jul 26 2011. 10 38 AM IST
Mumbai: Drugmaker Glenmark Pharmaceuticals said on Tuesday it has received $15 million from US-based Salix Pharmaceuticals towards upgrading the manufacturing facility for HIV-associated diarrhea drug ‘Crofelemer’.
Shares of Glenmark rose neary 7% on the announcement.
Salix had said on 22 July, it had agreed to pay $21.6 million to Glenmark in five annual installment, but would pay advance $15 million of the amount on 25 July and the pay the remainder in annual installments.
Morrisville, North Carolina-based Salix, which holds the North American and European rights to the drug, said it amended the supply deal to meet an anticipated increase in demand for the drug.
Salix plans to submit a marketing application for Crofelemer in the United States by mid-2011.
Glenmark has exclusive marketing and distribution rights to this compound across 140 countries and is also the sole global supplier of active pharmaceutical ingredients except in China.
At 9:54 a.m., shares of Glenmark were trading at Rs 344.45 , up 4.68% in a flattish Mumbai market.
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First Published: Tue, Jul 26 2011. 10 38 AM IST