Glenmark gets research fee payment from Forest Laboratories

Company has received payment on a collaboration for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions

Glenmark Pharmaceuticals today said it has received a small research fee payment from Forest Laboratories Inc on a collaboration for the development of molecules to treat chronic inflammatory conditions.

The company, however, did not disclose the exact quantum of payment.

"The company 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 Pharmaceuticals said in a statement.

The company is expecting an additional payment to support the advancement of the programme, it added.

As per the terms of agreement between the two companies, Forest has an exclusive option to obtain licence rights to the programme upon the completion of pre-clinical trials.
 

"Under the terms of the agreement signed in FY 2012-13, Forest had made $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," Glenmark said.

Shares of Glenmark Pharmaceuticals closed almost flat at Rs 522.85 per scrip on BSE.