Mumbai-based, Glenmark Pharmaceuticals has entered into an agreement with Forest Laboratories for collaboration for development of inhibitors to treat chronic inflammatory conditions.
Under the agreement, Forest Laboratories will provide a payment of US$ 6 million upfront and will also provide US$ 3 million to support the next phase of work. The company will make other payments during the next financial year to support the advancement of the ongoing mPGES-1 inhibitors programne.
"Glenmark has identified clinical candidates and is currently conducting pre-clinical studies and other development activities required to support the initiation of first-in-human dosing," the company said.
The Indian company said that Forest will have an exclusive option to obtain license rights to the programmes after the phase-I clinical trials are complete. The joint initiative will be managed by a joint development committee that will be equally represented from both companies.
Glenn Saldanha, CMD, Glenmark said that the agreement between the two companies will combine Glenmark's expertise in product development and manufacturing network with Forest's development and regulatory expertise as well as a strong financial settlement.
The shares of Glenmark Pharmaceuticals rose 2 percent to Rs 512.65 on Monday, which is its highest level in 2 weeks. The shares were then trading at Rs 508.40, up 1.8 percent on National Stock Exchange.