Glenmark Life Sciences announces another CDMO deal

Glenmark Life Sciences Limited (GLS), a leading developer and manufacturer of select, high-value, non-commoditized, Active Pharmaceutical Ingredients (APIs) in chronic therapeutic areas, today announced the signing of a Master Supply Agreement (MSA) with a Japanese innovator pharmaceutical company with global presence in Europe, United States and Asia. Under the aegis of the Master Supply Agreement, Glenmark Life Sciences will manufacture API in the therapeutic area of urinary anti-spasmodic, to supply to the global innovator.

Glenmark Life Sciences will leverage its expertise in API manufacturing to support the global pharmaceutical innovator's initiative in the field of urinary anti-spasmodic therapeutics. As part of this collaboration, product portfolios of various affiliates of the global innovator may also be added in the future. The API for the finished formulation will be supplied to all major regulated markets such as United States, Europe and Japan. The estimated commercial value of this project is expected to be around $5million.

According to Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences, "This collaboration is part of our continued efforts in the CDMO space to contribute to the advancements in healthcare while expanding our global footprint. As a reliable partner we will combine our API knowledge in cGMP manufacturing and extend our expertise in regulatory filing with global agencies across multiple geographies. We are committed to fostering strategic alliances that drive innovation and this is a long term commitment. Going forward I am sure this will not only consolidate our strategic partnership but also open doors for other collaborations."

Shares of Glenmark Life Sciences Ltd was last trading in BSE at Rs. 757.35 as compared to the previous close of Rs. 750.80. The total number of shares traded during the day was 8337 in over 727 trades.

The stock hit an intraday high of Rs. 759.90 and intraday low of 738.60. The net turnover during the day was Rs. 6257678.00.

Source : Equity Bulls

Keywords

GlenmarkLifeSciences INE03Q201024 GLS MasterSupplyAgreement JapaneseFirm