Glenmark inks deal with US firm

Glenmark Pharmaceuticals Inc, the wholly owned US subsidiary of Glenmark Pharmaceuticals, has signed a supply and marketing agreement with Lehigh Valley Technologies Inc for the manufacturing and marketing of two liquid generic pharmaceutical products (12 SKUs) for the US market.

These products which target the pain management therapeutic segment, have a cumulative market size of about $46 million.

In accordance with the agreement, LVT will manufacture and supply the products to GPI, which will market them under the Glenmark label. Glenmark expects to launch these products over a three month period starting August 2006.

The company will pay out an initial milestone to LVT in order to get exclusive marketing rights. The products will be sold across retail as well as hospital segments.

The profits on net sales in the US market will be shared equally between the two parties. Glenn Saldanha, managing director and CEO of Glenmark Pharmaceuticals stated, "Our deal with LVT will add significantly to the six products that we currently have in the market and will go a long way in strengthening our generics presence in the US. We are also expecting approvals for an additional 2-4 ANDAs filed by Glenmark shortly and expect to close FY2007 with at least 16-18 generics in the US market."

Terrance Coughlin, president of Glenmark Pharmaceuticals Inc, US, remarked, "The LVT collaboration will enable us to diversify our product offering in the US and complement our current portfolio. Moreover, by virtue of being controlled substances, these products offer a competitive edge."

Jeffrey Moshal, CEO of Lehigh Valley Technologies Inc, remarked, "This partnership with Glenmark is in line with LVT's strategy of penetrating the market with niche products by aligning itself with well positioned market orientated companies."