Subsidiary of Glenmark Pharmaceuticals, Glenmark Generics Ltd. announced on Tuesday that the company has entered in to an agreement with the US-based Par Pharmaceuticals to market ezetimibe, the generic version of Zetia tablets produced by Merck-Schering Plough.

As per the agreement the companies would share the profit generated from sale of the ezetimibe tablets, which targets at a market worth $1.4 billion enjoyed by cholesterol modifying agent Zetia tablets in the US.

The key for Glenmark in case of ezetimibe tablets is the fact that it was the first in the list to file a paragraph –IV certification for the drug, which meant that the company would now enjoy six months exclusive marketing rights for the particular product.

Meanwhile, Glenmark is currently fighting out a patent litigation related to the particular drug in a US court, the company said in a statement. It further added that under the agreement the cost and control of the litigation would also be shared by Glenmark Generics and Par Pharmaceuticals, a subsidiary of Par Pharmaceuticals Companies Inc.

Glenmark’s stocks closed 1.5 per cent up at Rs.281.15 per share after scaling a high of Rs.297 a share during the day’s trade.