Glenmark signs 3rd licensing pact in a week

Glenmark signs 3rd licensing pact in a week

Mumbai: Drugmaker Glenmark Pharmaceuticals Ltd announced its third licensing pact this week as it signed a deal with the US unit of Taro Pharmaceutical Industries for a branded product.

Under the agreement, Glenmark Generics Ltd will manufacture the US FDA-approved product exclusively for Taro Pharmaceuticals USA. Inc. and will receive milestone payments and a royalty on sales, it said in a statement.

Financial details of this deal were not disclosed.

“The company has not given financials but we expect the numbers to be good since it’s a branded product," a pharma sector analyst told Reuters over the telephone.

“The royalty payments would be substantial," another analyst said.

Glenmark on Monday had entered into a licensing deal with France’s Sanofi-Aventis for development and commercialisation of novel agents to treat chronic pain.

The company on Tuesday announced a licensing deal with US-based Par Pharmaceutical, a unit of Par Pharmaceutical Companies Inc, to market ezetimibe tablets.

9:25 a.m., shares of Glenmark were trading at Rs294 , up 3% in a Mumbai market that was down 0.47%.

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