Glenmark Pharmaceuticals rose 1.71% to Rs 453.10 and Torrent Pharmaceuticals rose 0.04% to Rs 1,550.35 at 14:07 IST on BSE after both the companies signed a licensing agreement for co-marketing of Remogliflozin Etabonate in India.
The announcement was made before trading hours today, 11 July 2019.
Meanwhile, S&P BSE Sensex was up 229.40 points or 0.59% at 38,786.44.
Glenmark Pharmaceuticals and Torrent Pharmaceuticals have entered into a non‐exclusive sub‐licensing agreement to co‐market Sodium Glucose Co‐Transporter‐2 (SGLT2) inhibitor, Remogliflozin Etabonate (Remogliflozin) in India.
Under the terms of the agreement, Glenmark Pharmaceuticals will receive an upfront payment, license fees and royalties for The non‐exclusive sub‐license rights from Torrent Pharmaceuticals. Glenmark Pharmaceuticals will manufacture and supply Remogliflozin while Torrent Pharmaceuticals will market the drug under its own trademark 'Zucator' in India.
Remogliflozin is indicated in the treatment of Type 2 Diabetes Mellitus in adults.
On a consolidated basis, Glenmark Pharmaceuticals' net profit rose 6.6% to Rs 161.66 crore on a 12.4% rise in net sales to Rs 2,526.08 crore in Q4 March 2019 over Q4 March 2018.
Meanwhile, Torrent Pharmaceuticals' consolidated net profit fell 37.7% to Rs 142 crore on a 9.4% increase in net sales to Rs 1,822 crore in Q4 March 2019 over Q4 March 2018.
Glenmark Pharmaceuticals (GPL) is a research‐driven, global, integrated pharmaceutical organization.
Torrent Pharmaceuticals is involved in niche marketing in India and has a presence in diabetology, pain management, gynaecology, oncology and anti-infective segments.
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