Drug maker, Glenmark Pharmaceuticals has confirmed that the unit has signed a licensing agreement with France?s Sanofi to develop and commercialize a novel monoclonal antibody. The news has sent the company?s share up by nearly 20 per cent, today.
As per the agreement, Glenmark is expected to receive as much as $613 million, in addition to a double-digit royalty on sales of products commercialized under the license. The molecule, GBR500, is used for the treatment of Crohn?s disease and other inflammatory conditions.
“There continues to be a strong medical need for safer and more efficacious products for the treatment of inflammatory diseases,” said Elias Zerhouni, president of global research and development at Sanofi.
The two companies would co-market the product?in Russia, Brazil, Australia and New Zealand and Glenmark will retain exclusive marketing rights in Asia and other countries, in the rest of the world.