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E-mail ID will not be published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

  • RBI has been wise to retain policy rates

    The Reserve Bank of India has been wise to retain policy rates in its latest money policy announcement.

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

Arun Nigavekar

Education domain must be autonomous

Few issues in the higher education domain exist despite numerous ...

Rajgopal Nidamboor

Can we modify our emotional bearings?

We are not always a replica of our thoughts, emotions ...

Gautam Gupta

French fashion icon Gaultier’s pret goodbye

With Gaultier gone, the world of international prêt will never ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture