Glenmark Pharmaceuticals' Swiss subsidiary and Dyaz Corp enters into research agreement

Glenmark Pharmaceuticals Ltd has announced that Dyax Corp. and Glenmark Pharmaceuticals S,A., the wholly-owned Swiss subsidiary of the Company on March 12, 2007 announced that they have entered into a funded research agreement for the discovery of therapeutic antibodies. Under the terms of this agreement, Dyax will perform funded research to identify therapeutic antibodies for three targets provided by Glenmark. Furthermore, these research activities may be expanded to include additional targets. Dyax will receive technology license fees and full time employee payments from Glenmark for the funded research as well as clinical milestone payments and royalties on net sales that may result from Glenmark's development and commercialization of antibodies from Dyax's libraries. The agreement also provides Glenmark with sublicenses to relevant third- party antibody phage display patents that may be used with Dyax's technology.

Glenn Saidanha, Managing Director and CEO of the Company, on this occasion commented, "This is a very important step in Glenmark's entry in the field of Novel Biologics Research. Oncology and inflammation are areas of large unmet medical needs. Our strategy to supplement NCE research with Biologics Research would allow us to build a strong pipeline in this area. We expect the first Biologic product from Glenmark to enter clinics in 2009."

Source : Equity Bulls

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