Glenmark inches up on $5 mn Sanofi milestone payment

Glenmark edged 1.2% higher at Rs 580.10  on the Bombay Stock Exchange (BSE) on reports that the company, through its Swiss subsidiary, has received $5 million as milestone payment from Sanofi on a collaboration of its VLA2 (alpha2-beta1) integrin monoclonal antibody. GBR 500 is a first-in-class therapeutic monoclonal antibody for chronic autoimmune disorders.

Glenmark has already received $50 million from Sanofi as an upfront payment in FY2011-12. Hence, the total amount received by Glenmark from Sanofi for its first in class VLA-2 monoclonal antibody is $55 million, said a company statement.

Last month, the company had received $4 million as research fee payment from Forest Laboratories Inc. The collaboration with Forest is for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain. Glenmark has received a total amount of $15 million so far from Forest Laboratories towards its novel mPEGS-1 inhibitors.