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.

EDITORIAL OF THE DAY

  • Government must wake up to the woes of electricity generators

    India is not staring at a power crisis yet, but an estimated 46,000 mw of power capacities are at risk today.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Nigavekar

Moocs will not replace traditional education

I am revisiting the topic of massive open online course ...

Zehra Naqvi

Minimalism: declutter your life

When you imagine an ideal place to live, you think ...

Gautam Gupta

Our fashion schools need to notch it up

“Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture