Glenmark receives milestone payment from Sanofi-Aventis

8 November 2011: Drug firm Glenmark Pharmaceuticals has received a payment of $ 5 million (over Rs 24 crore) from Sanofi-Aventis on completion of Phase I study of molecule ''GRC 15300'' being developed for treatment of pain.

Phase I of a clinical study is done on a limited number of human subjects (around 20-100) to study efficacy and side effects of a new drug molecule. The payment is part of a deal that the two companies had entered in May last year to grant Sanofi-Aventis a license for the development and commercialisation of novel agents to treat chronic pain. The pact can fetch the Indian firm up to $ 325 million.

Source: Msn online