Glenmark Pharmaceuticals announced that it has entered into an agreement with Hindustan Unilever (HUL) for divestment of its VWash brand and other extensions. Under this agreement, the brand and other trademarks, copyrights, know-how associated with Glenmark's VWash business will be transferred to HUL.
Glenmark will receive an upfront payment and royalty on sales for 3 years. No employees will be transferred as a part of this agreement. The transaction is expected to be completed in the next few months subject to customary approvals.
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