Licensing deal shot in the arm for Glenmark

DALAL STREET SPIKES

Reports of Glenmark Pharma entering into a drug licensing deal with a US company have led to good buying interest on the counter.

The pharma company's scrip hit a 52-week high of Rs 197.40 before closing at Rs 184.50 on Wednesday, up by 0.95 per cent. More than 10.26 lakh shares were traded on the BSE.

The counter lost ground from its highs on profit taking. The company announced that Glenmark Pharmaceuticals Inc, USA, (Glenmark) a wholly owned subsidiary of Glenmark Pharmaceuticals Ltd has entered into a product development and marketing license agreement with KV Pharmaceutical.

Under the agreement, Glenmark will initially develop and license to KV eight generic products for regulatory approval and marketing in North American markets. The license products include both Paragraph III and Paragraph IV ANDA filing opportunities.

The agreement also provides for the development and licensing of additional generic ANDA products as well as for certain branded specialty products which may incorporate Glenmark's proprietary platform controlled release technology.