Glenmark Pharma at 52-week high on signing pact with Forest Lab

The company has signed development agreement with Forest Laboratories for worldwide collaboration on Novel Agents to treat chronic inflammatory conditions.

Glenmark Pharmaceuticals is trading higher by 2% at Rs 511 after the company said it has signed development agreement with Forest Laboratories for worldwide collaboration on Novel Agents to treat chronic inflammatory conditions.

“Glenmark Pharmaceuticals S.A, a wholly owned subsidiary of Glenmark Pharmaceuticals has entered into agreement with Forest Laboratories Inc., on collaboration for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain,” Glenmark Pharmaceuticals said in a statement.

Under the terms of the agreement, Forest will make a $6 million upfront payment to Glenmark and provide an additional $3 million to support the next phase of work, it added.

 

The stock opened at Rs 504 and hit a 52-week high of Rs 513 on the NSE. A combined around 150,000 shares have changed hands on the counter in opening deals on both the exchanges.