Glenmark Pharmaceuticals today said it has entered into an exclusive licensing deal with Canada-based Immanence-IDC to distribute the latter's anti- aging cosmeceutical range of products in eight countries.
The company's ten year licensing agreement with Immanence-IDC will span eight countries, including India, Brazil, Mexico, South Africa, Egypt, Vietnam, Malaysia and Thailand.
"This association marks a new beginning for us in one of the fastest growing segments in dermatology," Glenmark Pharmaceuticals COO Arvind Vasudeva said in a statement.
He said the association would enable the firm to consolidate its leadership position in dermatology across these markets.
"This ten-year agreement with Glenmark will open new markets for us and through a network of more than 1.5 lakh dermatologists will allow us to reach more than 1.5 billion people," Immanence-IDC Board Chairman Eric Dupont said.
Commenting on the tie-up, Immanence-IDC President and CEO Luc Dupont said with the agreement with Glenmark, the company's products would be available in over 12 countries.
"Our goal is to establish a presence in over 25 countries over the next two years," he added.
Shares of Glenmark were trading at Rs 304.10 on the Bombay Stock Exchange in the late afternoon today, up 0.36% from their previous close.