Mumbai: Glenmark Pharmaceuticals SA, a wholly owned subsidiary of Glenmark Pharmaceuticals Ltd, said it has entered into an agreement with healthcare company Forest Laboratories Inc., on a collaboration for the development of so-called novel mPGES-I inhibitors to treat chronic inflammatory conditions, including pain.
Glenmark has identified clinical candidates and is currently conducting pre-clinical studies and other development activities required to support the initiation of first-in-human dosing, the company said in a filing to BSE.
Under the terms of the agreement, Forest will make a $6 million upfront payment to Glenmark and provide an additional $3 million to support the next phase of work, the statement said.
Forest will make other future payments in fiscal 2014 to support the advancement of the ongoing mPGES-I inhibitors programme.
Forest has an exclusive option to obtain licence rights to the programme upon the completion of first phase clinical trails,the statement added.
Shares of Glenmark Pharmaceuticals were up 2.4% at Rs.511 apiece each at 10.50am on BSE, on a day when the exchange’s Sensex was up marginally.