Glenmark receives $4 million from Forest Lab as research fee
Mar 25 2014 , New Delhi
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.