Glenmark Pharmaceuticals has entered into an $80 million product development and marketing alliance with Saint Louis-based KV Pharmaceutical Company. The agreement is spread over 8 years. | |
| The agreement entails Glenmark initially developing and licensing to KV Pharmaceuticals eight generic products for regulatory approval and then marketing them in the North American markets. |
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| The generic products under this agreement have annual branded sales in excess of $2.5 billion. |
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| The move essentially falls in line with the company's strategy of building internal and external pipeline of products for both generic and branded businesses. |
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| Glenn Saldanha, managing director and chief executive officer of Glenmark Pharmaceuticals, said, "We would be receiving an upfront cash payment while the bulk of milestones and royalty payments from KV will come in 2005. The profits out of this deal will accrue in the next three to four years." |
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| "The agreement also provides for the development and licensing of additional generic abbreviated new drug application (ANDA) products as well as for certain "branded" specialty products which may incorporate Glenmark's proprietary platform controlled release technology," he added. |
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