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Glenmark gets global rights for diarrhoea drug

Arbiter's ruling will allow Indian pharma major to sell drug in 140 countries

Reuters 

An international arbitrator ruled that India's Pharmaceuticals has the right to sell its HIV-associated diarrhoea drug Crofelemer in 140 countries.

developed Crofelemer with U.S.-based partners Pharmaceuticals and Salix Pharmaceuticals Ltd .

The Indian company sought arbitration in the United States last December after terminated a three-party agreement under which holds the exclusive right to distribute Crofelemer in 140 countries including

Salix was to sell the drug in regulated markets such as North America, Japan and Europe.

The International Centre for Dispute Resolution found that breached the agreement by disclosing confidential information about manufacturing Crofelemer to another drugmaker Aptuit Laurus, said in a statement.

Two telephone calls to San Francisco-based seeking comment went unanswered.

"This ruling will allow to further its commitment to working with relief agencies to distribute Crofelemer to affected populations," said Chairman Glenn Saldanha.

Shares in rose 2.3 percent to Rs 415 as of 9:36 a.m. The broader Mumbai market gained 0.26 percent.

 

First Published: Thu, August 23 2012. 10:25 IST
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