Financial Daily from THE HINDU group of publications
Sunday, Oct 17, 2004
Financial Daily from THE HINDU group of publications Sunday, Oct 17, 2004 |
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Corporate
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Alliances & Joint Ventures Glenmark gets $10 m from Ireland co in drug deal Our Bureau
Mumbai , Oct. 16 GLENMARK Pharmaceuticals India Ltd (GPIL) has received an upfront payment of $10 million from Ireland's Forest Laboratories for a drug licensing deal that the two companies had signed in September this year. Glenmark Pharmaceuticals SA (Switzerland), a wholly owned subsidiary of GPIL, had received the payment in the three months ended September 2004, the company informed the Bombay Stock Exchange. The payment is for the recently concluded collaboration agreement for Glenmark's GRC 3886, a molecule being developed for the treatment of asthma and chronic obstructive pulmonary disorder. The deal, estimated at $190 million over five years, is touted to be the largest in the country and will see Forest take the drug molecule through different development stages up to commercialisation in the North American market.
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