New Delhi, Feb 6 (UNI) Glenmark Pharmaceuticals Ltd today said its Swiss subsidiary has received a payment of 15 million dollars from US-based Forest Labs, for its experimental Oglemilast molecule.
Glenmark and Forest Labs are working together closely to initiate additional studies for further long term development of oglemilast, including a Phase II study in Asthma, according to a company statement.
Both the companies had entered into a collaborative agreement in September 2004, wherein Forest will develop, register and commercialise GRC 3886 for the North American market, while Glenmark will retain commercialisation rights for the rest of the world.
Forest paid Glenmark an up-front payment upon initiation of the agreement, and will pay more if the development and commercialisation of the product is successfully completed in the North American market; the total value of these payments could be 190 million dollars, the statement added.
The payment followed the US Food and Drug Administration approval to start additional phase II, or mid-stage, clinical studies on the molecule for a host of lung disorders.
Mumbai-based Glenmark has a similar deal with Teijin Pharma Ltd for the region of Japan.
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