Glenmark to invest $1mn in US-based Napo Pharma

Glenmark Pharmaceuticals and Napo Pharmaceuticals Inc today announced a collaboration agreement for Napo's proprietary anti-diarrheal compound Crofelemer.

According to a release issued by Glenmark to the BSE today, the agreement grants the company the exclusive license to develop and commercialise Crofelemer for India and in over 140 countries - almost all markets outside North America, Japan, China and Europe.

"As part of the collaboration, the company will also participate in Napo's latest round of financing with a contribution of $1 million preferred stock," the release added.

Crofelemer targets several gastrointestinal indications, and is in advanced clinical development to treat AIDS-related diarrhea and diarrhea-predominant Irritable Bowel Syndrome (D-IBS) in the US, the release added.

Glenmark will exclusively supply Napo's global API requirements for the development and commercial sales under cGMP manufacturing according to US FDA requirements.