Glenmark up 2% on upfront payment from Sanofi

Glenmark Pharma is trading 2% higher at Rs 322, extending its yesterday’s 1.5% rally, after the company informed that its $613 million outlicensing deal with Sanofi has been approved by the US authorities and it has received an upfront payment of $25 million (around Rs 110 crore) from the French drug-maker.
 
“The GBR 500 deal signed by Glenmark in May'11 with Sanofi has received clearance from the Hart-Scott-Rodino Antitrust Improvements Act, USA. Following that clearance, the deal has now become effective and Glenmark has also received the first upfront payment of $ 25 million,” the pharmaceutical company said in a filing to the stock exchanges.
 
The stock opened at Rs 320 and touched high of Rs 325 on the NSE. Around 151,138 shares have changed hands till 0942 hours.