On Wednesday, shares of Glenmark Pharmaceuticals Ltd rose as much as 2% to Rs 497.70 after the Mumbai-based company announced that its Swiss subsidiary, Glenmark Specialty S.A., has entered into an exclusive licensing agreement with Menarini Group (Menarini) for commercializing its innovative nasal spray Ryaltris across 33 countries in Europe, including the Balkan region.
Ryaltris [olopatadine hydrochloride (665 mcg) and mometasone furoate (25 mcg)], developed by Glenmark, is a novel fixed-dose combination nasal spray of an anti-histamine and a steroid, indicated for the treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age.
Under the terms of the agreement, Glenmark will be responsible for the continued development and regulatory
approval of Ryaltris in these markets, the company said in a statement. Menarini will be responsible for the scientific information and the commercialization of Ryaltris in those markets, following regulatory approval. Glenmark will receive an upfront payment as well as launch & sales based milestone payments from Menarini for Ryaltris sales, it added.
Also, Glenmark Pharma has received tentative approval from the United States Food & Drug Administration (USFDA) for Dabigatran Etexilate Capsules, 75 mg, 110 mg, and 150 mg, the generic version of Pradaxa Capsules, 75 mg, 110 mg, and 150 mg, of Boehringer Ingelheim Pharmaceuticals, Inc.