Glenmark licenses out painkiller to Sanofi-Aventis

Glenmark licenses out painkiller to Sanofi-AventisIndian pharmaceutical company, Glenmark Pharmaceuticals Ltd. announced that it has licensed out the rights to develop and commercial its painkiller to Sanofi-Aventis S. A. Sanofi is a French company and had been waiting for long to get the rights.

Post the declaration, the shares of Glenmark reached its 52-week high. This happened since the agreement is looked as a new lease of life for the research and development facility of Glenmark.

The company was hit hard when the old license deals expired and there was nothing visible in the near future till now.

The molecule, used for the painkiller is GRC 15300. It is in the first phase of human testing. Once developed, it can be used for treating patients with neuropathic and osteoarthritis pain.

Glenmark in its announcement said that it will be receiving a payment of $20 million, which will finally reach $325 million.

Talking about this, Chief Executive Glenn Saldanha said that Glenamrk will also get royalties with the development of new drug.

It will be joining hands with foreign companies to finance this project.

Glenmark is a front-runner in generic drug business in India.