Glenmark Arm Gets $ 15 Mn As Milestone Fees From Forest Labs

Glenmark PharmaceuticalsGlenmark Pharmaceuticals Ltd has announced that its Swiss unit, Glenmark Pharmaceuticals SA, has received USD 15 Million as milestone fees from Forest Laboratories, its North American partner, for an anti-asthma drug Oglemilast molecule.

Both companies are working together to initiate additional studies for further longer term development of oglemilast, including a Phase II study in Asthma.

Forest paid Glenmark an up-front payment upon initiation of the agreement and would pay other milestones if the development and commercialisation of the product is successfully completed in the North American market. The total value of these payments could be USD 190 million. Glenmark arm had entered into a collaborative agreement with Forest in September 2004.

Mumbai-based Glenmark has so far received $35 million from Forest, including $10 million in upfront fees. After commercial launch, Glenmark would earn a royalty from Forest Labs on net sales of the product.