Glenmark receives $4 million from Forest Lab as research fee

Glenmark Pharmaceuticals has received $4 million as research fee from Forest Laboratories Inc for drug development, taking the total amount received from the US-based firm to $15 million so far, the company said today.

The company through its Swiss unit has received $4 million as research fee payment from Forest Laboratories Inc for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain, it said.

This collaborative agreement between the two companies was inked in 2012.

Under the terms of the agreement signed in FY 2012-13, Forest made $6 million upfront payment and also provided an additional $3 million to support the next phase of work, Glenmark Pharmaceuticals said in a statement.

In September 2013, Glenmark received an additional amount of $2 million as research fee payment from Forest Laboratories Inc.

"Hence, the total amount received by Glenmark from Forest Laboratories Inc towards its novel mPEGS-1 inhibitors programme is $15 million," the company said.

Glenmark shares were trading at Rs 582.25 apiece on the BSE in afternoon trade, up 0.15 per cent from its previous close.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Banks must learn from past mistakes to promote financial inclusion

    Prime minister Narendra Modi launched a massive financial inclusion programme yesterday titled “pradhan mantri jan dhan yojana’ (PMJDY), that will

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

West Asia turmoil worries east Asia

From Beijing to Jakarta, from Manila to Tokyo, east Asian ...

Parvez Imam

Sowing the seeds of love for hatred

No wonder we have a whole lot of talking going ...

Dharmendra Khandal

Time to protect our endangered wildlife species

After 65 million years of existence, the earth’s biodiversity is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture