Glenmark gets favourable interim award against Napo
Glenmark Pharmaceuticals on Thursday said it has received a favourable interim award in a dispute against Napo Pharmaceuticals Inc regarding commercialisation of anti-diarrheal drug, Crofelemer, from International Centre for Dispute Resolution (ICDR).
New Delhi: Glenmark Pharmaceuticals on Thursday said it has received a favourable interim award in a dispute against Napo Pharmaceuticals Inc regarding commercialisation of anti-diarrheal drug, Crofelemer, from International Centre for Dispute Resolution (ICDR).
"The ICDR ruled that Glenmark's exclusive rights to commercialise and distribute Crofelemer include the exclusive right to distribute Crofelemer through relief agencies into the 140 countries that comprise the Glenmark territory," Glenmark Pharmaceuticals said in a filing to the BSE.
The ICDR found that US-based Napo "breached the collaboration agreement by disclosing confidential information concerning the manufacture of Crofelemer to Aptuit Laurus."
Aptuit Laurus is a US-based drug development company.
ICDR also enjoined Napo from disclosing such confidential information to third parties and from purchasing or obtaining Crofelemer from Aptuit, it added.
The ruling today is an interim award addressing the issues presently before the ICDR. Certain other issues between the parties have been deferred to a second phase, Glenmark said.
Commenting on the development Glenmark Pharmaceuticals Chairman & MD Glenn Saldanha said: "We are delighted that the arbitrators have reaffirmed Glenmark's rights to commercialise Crofelemer through relief agencies."
"We also are pleased that the arbitrators have prevented Napo from sharing confidential information concerning the manufacture of Crofelemer with our competitors and other third parties, he added.
Glenmark Pharmaceuticals has an exclusive licence from Napo Pharmaceuticals Inc to distribute and commercialise Crofelemer in 140 emerging countries (rest of world territories) including India for indications related to HIV, use in acute adult and pediatric diarrhea, the company said.
Shares of Glenmark Pharmaceuticals were today trading at Rs 413.65 in the afternoon trade on BSE, up 2.09 percent from its previous close.