Glenmark inks drug development pact with Forest Laboratories
New Delhi: Glenmark Pharmaceuticals Monday said it has inked an agreement with US-based Forest Laboratories Inc to develop molecules to treat chronic inflammatory conditions.
As part of the agreement, Glenmark will receive up to USD 9 million (around Rs 50 crore) from US-based Forest Laboratories Inc.
The company's unit, Glenmark Pharmaceuticals SA (GPSA), has entered into an agreement with Forest Laboratories on a collaboration for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain, Glenmark Pharmaceuticals said in a statement.
"Under the terms of the agreement, Forest will make a USD 6 million upfront payment to Glenmark and provide an additional USD 3 million to support the next phase of work", it added.
The Mumbai-headquartered firm said Forest would make other future payments in FY14 to support the advancement of the ongoing mPGES-1 inhibitors programme.
"Forest has an exclusive option to obtain license rights to the programme upon the completion of phase 1 clinical trials, it added.
Glenmark has identified the 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.
"This collaboration reinforces our strategy of partnering to achieve our goal of launching innovative technologies around the world," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.
He added the partnership combines Glenmark's expertise in rapid, innovative product development with Forest's development and regulatory expertise.
"We are pleased to have entered into this collaboration with Glenmark...Which provides us access to a novel programme focused on a high interest target that has the potential to benefit patients and physicians," Forest Laboratories Senior Vice President of R&D Marco Taglietti said.
Shares of Glenmark Pharma were trading at Rs 525.20 apiece on the BSE in the afternoon trade, up 5.21 percent from its previous close.