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Glenmark Pharmaceuticals has entered into an exclusive licensing deal with Canada-based Immanence-IDC to distribute the latter’s anti-aging cosmeceutical range of products in eight countries.
The company’s 10-year licensing agreement with Immanence-IDC will span eight countries, including India, Brazil, Mexico, South Africa, Egypt, Vietnam, Malaysia and Thailand.
“This association marks a new beginning for us in one of the fastest growing segments in dermatology,” the Glenmark Pharmaceuticals COO, Mr Arvind Vasudeva, said in a statement.
He said the association would enable the firm to consolidate its leadership position in dermatology across these markets.
“This 10-year agreement with Glenmark will open new markets for us and through a network of more than 1.5 lakh dermatologists, it will allow us to reach more than 1.5 billion people,” the Immanence-IDC Board Chairman, Mr Eric Dupont, said.
Commenting on the tie-up, the Immanence-IDC President and CEO, Mr Luc Dupont, said with the agreement with Glenmark, the company’s products would be available in over 12 countries.
“Our goal is to establish a presence in over 25 countries over the next two years,” he added.
Meanwhile, the shares of Glenmark were trading at Rs 304.10 on the Bombay Stock Exchange in the late afternoon today, up 0.36 per cent from its previous close.
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