Drug major Glenmark Pharmaceuticals Thursday said its Suisse subsidiary Glenmark Specialty S.A. has entered into an exclusive licensing agreement with South Korea's Yuhan Corporation for commercialising its nasal spray Ryaltris.
Ryaltris is indicated for treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age
"Under the terms of the agreement, Glenmark will be responsible for manufacturing and supply of the product, while Yuhan will be responsible for regulatory filing and commercialisation of Ryaltris in South Korea. Glenmark will receive an upfront payment, regulatory and commercial milestone payments as well as royalties from Yuhan," the company said in a regulatory filing.
The agreement with Yuhan is Glenmark's second regional licensing deal for Ryaltris.
In July 2018, Glenmark entered into an exclusive licensing agreement with Seqirus Pty. Ltd. to commercialise Ryaltris in Australia and New Zealand.
"This partnership with Yuhan is in line with our vision to make Ryaltris the first global brand of Glenmark by launching it in several key markets," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.
Glenmark said it 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 Glenmark Pharma were trading 0.84 per cent higher at Rs 662 apiece on BSE.