Glenmark receives USD 5 million milestone payment from Sanofi

Glenmark Pharmaceuticals has got USD 5 million as a milestone payment from Sanofi for a new drug to treat chronic auto-immune disorders, taking total payments received till date to USD 55 million.
The milestone payments are part of a deal worth USD 613 million, which the Mumbai-based firm signed with the French firm in May 2011, for Sanofi to develop the new drug.
Glenmark, through its Swiss subsidiary, received the payment from Sanofi on a collaboration of its VLA2 (alpha2-beta1) integrin monoclonal antibody, the company said in a statement.
Glenmark has already received from Sanofi USD 50 million as upfront payment in 2011-12. The total amount received by Glenmark from Sanofi for the new drug is USD 55 million, the company said.

Glenmark shares closed at Rs 581.35 on the BSE, up 1.23 per cent.