New Delhi: Glenmark Pharmaceuticals has received USD 4 million as research fee from Forest Laboratories Inc for drug development, taking the total amount received from the US-based firm to USD 15 million so far, the company said today.
The company through its Swiss unit has received USD 4 million as research fee payment from Forest Laboratories Inc for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain, it said. This collaborative agreement between the two companies was inked in 2012.
Under the terms of the agreement signed in FY 2012-13, Forest made USD 6 million upfront payment and also provided an additional USD 3 million to support the next phase of work, Glenmark Pharmaceuticals said in a statement.
In September 2013, Glenmark received an additional amount of USD 2 million as research fee payment from Forest Laboratories Inc. "Hence, the total amount received by Glenmark from Forest Laboratories Inc towards its novel mPEGS-1 inhibitors programme is USD 15 million," the company said.
Glenmark shares were trading at Rs 582.25 apiece on the BSE in afternoon trade, up 0.15 per cent from its previous close.
