The Hindu Business Line : Glenmark close to announcing European tie-up

GLENMARK Pharmaceuticals is close to licensing a European company for developing and marketing its anti-asthma drug, Mr A.S. Mohanty, Director-Domestic Formulations of the company, told Business Line on Wednesday.

Glenmark has similar tie-ups with an American company, Forest, and a Japanese company, Teijin, for marketing the product in North America and Japan respectively.

The company expects revenues of $190 million (Rs 850 crore) and $53 million (Rs 240 crore) respectively from these agreements.

Glenmark has received as upfront payment $30 million (Rs 135 crore) from the two companies.

A similar tie-up with a European company for marketing the product in Europe to be clinched, Mr Mohanty said.

The anti-asthma drug (GRC 3886) has completed phase-I trials in the UK and is "on course to enter phase II by early 2006".

New division: Glenmark on Wednesday announced the launch of operations of its new division, Milieus, in Tamil Nadu. Milieus will produce and market "gold standard" drugs, which though effective, are not prescribed anymore by doctors, because newer versions have been brought in by pharma companies.

Mr Mohanty told a press conference here that Milieus would sensitise general physicians that the `gold standard drugs' are still effective and cheaper than the later versions.

The later versions would necessarily be costly in the product patent regime.

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