Glenmark Pharmaceuticals receives a small research fee payment from Forest Laboratories Inc.

On September 27, 2013, Glenmark Pharmaceuticals Ltd has received a small research fee payment from Forest Laboratories Inc. on a collaboration for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions to support the next phase of work. Glenmark is expecting an additional payment to support the advancement of the programme. Forest has an exclusive option to obtain license rights to the program upon the completion of pre-clinical trials. Under the terms of the agreement signed in FY 2012-13, Forest had made USD $6 million upfront payment to Glenmark and also made an additional $3 million to support the next phase of work for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.

Shares of Glenmark Pharmaceuticals Ltd last traded in BSE at Rs.522.85, up by Rs.0.50 or 0.10%. The stock hit an intraday high of Rs.531.85 and low of Rs.518.

The total traded quantity was 0.51 lakhs compared to 2 week average of 0.45 lakhs.

Source : Equity Bulls

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