Companies

Glenmark files arbitration claims against Napo

PTI New Delhi | Updated on August 08, 2011 Published on August 08, 2011

Glenmark Pharmaceuticals has filed arbitration claims against Napo Pharmaceuticals Inc with the American Arbitration Association, seeking a declaration of its exclusive rights to diarrhoea drug Crofelemer in 140 countries.

The statement seeks a declaration of exclusive rights to develop, commercialise and distribute Crofelemer in 140 countries, including exclusive right to distribute the drug through relief agencies in these countries, Glenmark said in a filing to the Bombay Stock Exchange today.

The claims seek to prevent Napo from distributing these products through relief agencies in these countries, it added.

“Glenmark has an exclusive licence from Napo to develop, commercialise and distribute Crofelemer in 140 countries for specific indications,” it said.

The company said it has the resources, capability and commitment to address relief agency distribution in emerging countries, as per the licensing agreement.

Meanwhile, the scrip was trading at Rs 317 in the afternoon session on the BSE today, down 1.49 per cent from the previous close.

Published on August 08, 2011
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