Business Daily from THE HINDU group of publications
Saturday, Oct 25, 2008
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Business Daily from THE HINDU group of publications Saturday, Oct 25, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Announcements Glenmark, Lilly suspend trial on drug Mumbai, Oct. 24 Glenmark Pharmaceuticals Ltd has said its partner Eli Lilly has suspended further clinical development on its prospective osteoarthritis drug, GRC 6211, a year after the two companies had formalised the deal. The prospective osteoarthritis drug was the third molecule that Mumbai-based Glenmark had out-licenced to separate companies, the other two being its asthma and diabetes drug. The deal with Lilly was touted as Glenmark's largest, with a projected potential of $350 million, and Glenmark had received an upfront payment of $45 million. But Glenmark's shares plunged 20 per cent on BSE, to Rs 324, following the news of the suspension of trials on the osteoarthritis drug. A statement from Glenmark said that the two companies were in discussions on the way forward regarding the osteoarthritis molecule. - Our Bureau More Stories on : Announcements | Pharmaceuticals
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