The announcement was made before trading hours today, 24 December 2012.
Meanwhile, the BSE Sensex was up 56.47 points, or 0.29%, to 19,298.47.
On BSE, 64,000 shares were traded in the counter as against an average daily volume of 95,313 shares in the past one quarter.
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The stock hit a high of Rs 499.20 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 509.07 so far during the day. The stock had hit a 52-week low of Rs 267.10 on 22 December 2011.
The stock had outperformed the market over the past one month till 21 December 2012, rising 15.76% compared with the Sensex's 4.23% rise. The scrip had also outperformed the market in past one quarter, gaining 18.93% as against Sensex's 2.61% rise.
The large-cap pharmaceutical company has an equity capital of Rs 27.07 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals India said its wholly-owned unit, Glenmark Pharmaceuticals S.A. (GPSA), has entered into an agreement with Forest Laboratories on a collaboration for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.
Glenmark said it has identified clinical candidates and is currently conducting pre-clinical studies and other development activities required to support the initiation of first-in-human dosing.
Under the terms of the agreement, Forest will make a $6 million upfront payment to Glenmark and provide an additional $3 million to support the next phase of work. Forest will make other future payments in the financial year ending March 2014 (FY 2014) to support the advancement of the ongoing PGES-1 inhibitors program. Forest has an exclusive option to obtain license rights to the program upon the completion of Phase-I clinical trials.
Both parties will work collaboratively to advance the program into the clinic. The collaboration between Glanmark and Forest will be managed by a joint development committee with equal representation from both companies.
Glenmark Pharmaceuticals' consolidated net profit jumped 177% to Rs 156.75 crore on 18.9% growth in net sales to Rs 1255.19 crore in Q2 September 2012 over Q2 September 2011.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. Glenmark is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). The company has a significant presence in branded generics markets across emerging economies including India. The company, along with its subsidiary, has 13 manufacturing facilities in four countries and has five R&D centers. Its subsidiary, Glenmark Generics services the requirements of the US and Western Europe generics markets. The API business sells its products in over 80 countries, including the US, various countries in the EU, South America and India.
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