Glenmark gets $4 million milestone in Forest collaboration
Indian drugmaker Glenmark Pharmaceuticals has informed the Stock Exchange today that the company through its Swiss subsidiary has received $4 million as research fee payment from Forest Laboratories (NYSE: FRX) on a collaborationfor the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.
Under the terms of the agreement signed in FY 2012-13, Forest, currently the subject of an around $25 billion acquisition by Actavis (The Pharma Letter February 18), made $6 million upfront payment and also provided an additional $3 million to support the next phase of work.
In September 2013, Glenmark received an additional amount of $2 million as research fee payment from Forest Laboratories. Hence, the total amount received by Glenmark from Forest Laboratories towards its novel mPEGS-1 inhibitors program is $15 million (TPL December 27, 2012).
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