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This is an archive article published on May 3, 2010
Glenmark soars to year8217;s high
Pharma firm Glenmark Pharmaceuticals today settled 3 per cent up on the Bombay Stock Exchange after the firm signed a licensing agreement with Sanofi-Aventis for developing drugs to treat chronic pain.
Pharma firm Glenmark Pharmaceuticals today settled 3 per cent up on the Bombay Stock Exchange after the firm signed a licensing agreement with Sanofi-Aventis for developing drugs to treat chronic pain.
Shares of Glenmark closed at Rs 279.65 on BSE,up 3.63 per cent over the previous close. During the day the stock surged 12 per cent to touch a year-high level of Rs 303.80.
On the National Stock Exchange,the stock settled up 3.50 per cent at Rs 279.30.
A total of 32.63 lakh shares of Glenmark Pharmaceuticals changed hands on the both bourses.
Glenmarks8217;s subsidiary Glenmark Pharmaceuticals SA has entered into an agreement with Sanofi-Aventis,under which it has granted a licence to the latter for the development and commercialisation of novel agents to treat chronic pain.
Glenmark would get an upfront payment of USD 20 million about Rs 89 crore for granting the licence.
Under the terms of the agreement,Glenmark will receive an upfront payment of USD 20 million,as well as development,regulatory and commercial milestone payments. All such payments could reach a total of USD 325 million.
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In addition,Glenmark is eligible to receive royalties on sales of products commercialised under the licence.
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