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Glenmark sells drug rights to Sanofi
17 May 2011: Glenmark has granted Sanofi a licence to develop and commercialise a biological compound targeting Crohn's disease and other inflammatory conditions.
The deal is valued at $613 million (approx Rs 2,697 crore), which Glenmark expects to get as milestone payments as the product gets developed. As part of the agreement, Glenmark will receive an upfront payment of $50 million on out-licensing its prospective molecule GBR 500 — a novel monoclonal antibody. However, half this amount will be paid on closing the transaction. The projected timeline for the drug to hit the market is 2017, by when most of the payment is expected to come through. In May 2010, Glenmark had out-licensed its prospective pain molecule to Sanofi.
Source: Hindu Business Line