Glenmark enters into exclusive pact with Grandpharma to sell Ryaltris in China

Drug firm Glenmark Pharmaceuticals Wednesday said its Swiss arm has entered into an exclusive licensing pact with Grandpharma (China) Co for commercialising its novel nasal spray, Ryaltris in China.

The company's Swiss arm Glenmark Specialty SA, has entered into an exclusive licensing agreement with Grandpharma (China) Co for commercialising its investigational seasonal allergic rhinitis nasal spray Ryaltris in China, Glenamrk Pharmaceuticals said in a statement.

The agreement with Grandpharma is company's third regional licensing deal for Ryaltris. The firm has already signed licensing deals for commercialising Ryaltris in Australia, New Zealand and South Korea, it added.

Under the terms of the pact, Glenmark will be responsible to manufacture and supply Ryaltris, while Grandpharma will be responsible for regulatory filing and commercialisation of Ryaltris in China, the company said.

Glenmark will receive an upfront payment, regulatory filing, regulatory approval and commercial milestone payments as well as royalties from Grandpharma for Ryaltris, it added.

Glenmark however did not provide any financial details of the agreement.

"We are happy to partner with Grandpharma in China as its product portfolio complements well with Ryaltris and this partnership gives us an opportunity to tap into one of the largest pharmaceutical markets in the world," Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.

This step is aligned with company's vision to make Ryaltris the first global brand of Glenmark through launches in multiple markets across the globe, he added.

"In May 2018, Glenmark filed a New Drug Application (NDA) for Ryaltris with the US Food and Drug Administration (USFDA), which is currently under review with the regulator," the company said.

Glenmark plans to commercialise Ryaltris in various markets globally. The company will continue to explore commercial partnerships for Ryaltris in markets where it doesn't have direct presence, it added.

Shares of Glenamrk Pharmaceuticals closed at Rs 642.20 per scrip on BSE, up 0.98 per cent from its previous close.