Glenmark Pharmaceuticals S.A., the wholly-owned Swiss subsidiary of Glenmark Pharma, has purchased two new biological entities (NBEs) -CHR-1103 and CHR-1201, from Chromos Molecular Systems Inc. of British Columbia, Canada.According to an official release issued by Glenmark to the BSE today, it has acquired all rights to the two products (humanized monoclonal therapeutic antibodies) as well as rights to use Chromos proprietary ACE System technology for cell line development for use with respect to CHR-1103 and CHR-1201. It now holds the worldwide rights for further development, registration and commercialization of these products. Financial terms of the transaction are not to be released.Glenn Saldanha, MD & CEO, Glenmark Pharma, said: "This is a very important addition to our pipeline of novel biological entitles. These two NBE's would help accelerate our pipeline in the biologics space."Michael Buschle, president biologics, Glenmark Switzerland, said: "These therapies hold a lot of promise in areas of high unmet medical need and also fit very well within our areas of focus. We are delighted with the addition of these two highly exciting molecules to our rapidly pipeline".Chromos, a biotech development firm, had become bankrupt and its assets were up for sale. "As part of Chromos' ongoing restructuring proceedings under the Bankruptcy and Insovency Act, the Supreme Court of British Columbia has approved the transaction and the upfront proceeds will be used to repay Chromos' secured creditors,"Alistar Duncan, president & CEO, Chromos, said.
