Glenmark Pharmaceuticals Ltd’s shares were up 1.67 per cent after the company announced that its subsidiary, Glenmark Speciality S.A., and Cosmo Pharmaceuticals have entered into distribution and licence agreements for Winlevi (clascoterone cream 1 per cent) in Europe and South Africa.

As per the agreements, Cassiopeia, a subsidiary of Cosmo, will grant Glenmark exclusive rights for the commercialisation of Winlevi in 15 EU countries, South Africa, and the UK. Cassiopea will oversee Centralized Marketing Authorization at the European Medicines Agency (EMA), while Glenmark will handle product registration in South Africa and the UK. Cosmo will serve as the sole supplier of the product.

In consideration for this collaboration, Cassiopea will receive a payment of $5 million, along with future double-digit regulatory and sales milestone payments, as well as agreed double-digit royalties based on net sales.

The shares were up 1.67 per cent at Rs 775.30 at 12.10 pm on the BSE.