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Glenmark Pharmaceuticals has received the second and final upfront payment of $25 million from multinational Sanofi, following their deal to develop and commercialise a biological compound that targets Crohn's disease and other inflammatory conditions.
“With this payment, Glenmark has now received the entire upfront payment of $50 million from Sanofi pertaining to the GBR-500 deal,” Glenmark told the Bombay Stock Exchange.
The deal was formalised earlier this May. Glenmark had then said that it would receive an upfront payment of $50 million on the deal to out-license this prospective molecule — GBR-500, a novel monoclonal antibody.
Closing deal
However, half this amount will be paid on closing the transaction, “which is contingent upon Sanofi's positive assessment of certain data to be provided by Glenmark,” the company had then said, with divulging details.
The total value of the Sanofi deal was pegged at $613 million.
Glenmark shares were down over one per cent on the BSE, at Rs 306 on Monday.
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