Glenmark gets $10 M from Forest

By siliconindia staff writer   |   Friday, 15 October 2004, 07:00 Hrs
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MUMBAI: Glenmark Pharmaceuticals received $10 million from Forest Laboratories in the past quarter to September as an upfront drug licensing payment, the Bombay Stock Exchange said.

Glenmark said last month its Swiss subsidiary had given Forest the rights to develop and bring to market in North America a molecule for the treatment of chronic obstructive pulmonary disorder and asthma.

Glenmark was due to receive up to $190 million in upfront and milestone payments.

Glenmark's shares were up 0.91 per cent at Rs 311.30 at the Bombay Stock Exchange, whose benchmark index was up 0.40 per cent.

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