Glenmark to divest select Anti-Allergy brands to Dr Reddy's in Russia, Ukraine, Kazakhstan and Uzbekistan in anticipation of its 'Ryaltris' Launch

Glenmark Pharmaceuticals Ltd. has entered into a definitive agreement with Dr. Reddy's Laboratories Ltd. to divest - subject to completion of certain precedent actions and closing activities - its brand Momat Rino (for Russia, Kazakhstan and Uzbekistan), Momat Rino Advance (for Russia), Momat A (for Kazakhstan and Uzbekistan), Glenspray and Glenspray Active (for Ukraine), along with rights to the trademarks, dossiers and patents for the territories mentioned.

The divested brand and its extensions represent two types of products, (a) Mometasone mono product and (b) combination of Mometasone with Azelastine, and are indicated for the treatment of Seasonal and Perennial Allergic Rhinitis.

Robert Crockart, Chief Commercial Officer, Glenmark Pharmaceuticals Limited commented, "In line with our strategy to launch Ryaltris, our global anti-allergy brand, in the markets of Russia and other CIS countries, we decided to divest the Momat Rino brand and its extension. As we await approval to launch Ryaltris in the Russian market, we look forward to strengthening our respiratory franchise in the Russia/CIS region. We remain committed to the respiratory space globally."

Shares of GLENMARK PHARMACEUTICALS LTD. was last trading in BSE at Rs.471.45 as compared to the previous close of Rs. 468.75. The total number of shares traded during the day was 83915 in over 1790 trades.

The stock hit an intraday high of Rs. 478.5 and intraday low of 470.05. The net turnover during the day was Rs. 39727162.

Shares of DR.REDDY'S LABORATORIES LTD. was last trading in BSE at Rs.4829.6 as compared to the previous close of Rs. 4898.8. The total number of shares traded during the day was 34183 in over 3665 trades.

The stock hit an intraday high of Rs. 4934.9 and intraday low of 4811. The net turnover during the day was Rs. 166731943.

Source : Equity Bulls

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