The pharma company had licensed out the drug, GBR 500, to Sanofi and had received an upfront payment of USD 50 million dollars from the French drugmaker in 2012.
Glenmark Pharmaceuticals has received a milestone USD 5 million dollar payment from Sanofi for its drug GBR 500. The drug will be used for treatment of auto-immune disorder.
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The pharma company had licensed out the molecule to Sanofi and had received an upfront payment of USD 50 million dollars from the French drugmaker in 2012.
As per the agreement, Glenmark was expected to receive as much as USD 613 million in cash over five years, in addition to double-digit royalties on sales of products under the licence.
Glenmark had bought the antibody, GBR 500, from a Canadian company called Chromos in 2007.
Under the deal, Sanofi had the exclusive marketing rights for North America, Europe, Japan, Argentina, China and Uruguay, while Glenmark was to retain the rights in India and other countries in the rest of the world.
The two companies agreed to co-market the drug in Russia, Brazil, Australia and New Zealand.
Glenmark stock price
On April 15, 2014, Glenmark Pharma closed at Rs 581.35, up Rs 7.05, or 1.23 percent. The 52-week high of the share was Rs 612.00 and the 52-week low was Rs 467.50.
The company's trailing 12-month (TTM) EPS was at Rs 13.53 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 42.97. The latest book value of the company is Rs 93.03 per share. At current value, the price-to-book value of the company is 6.25.
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