Glenmark Pharmaceuticals rose 1.61% to Rs 491.65 after the company's Swiss subsidiary and Menarini entered into a licensing pact for commercializing Ryaltris nasal spray in Europe.
The licensing agreement will be effective in 33 countries throughout the Europe, including the Balkan region.Under the terms of the agreement, Glenmark will be responsible for the development and regulatory approval of Ryaltris by relevant European Regulatory Authorities, while Menarini Group will be responsible for the commercialization of Ryaltris across these markets.
Glenmark will receive an upfront payment as well as launch and sales based milestone payments from sales of Ryaltris.
Ryaltris, developed by Glenmark, is a novel fixed-dose combination nasal spray of an anti-histamine and a steroid, indicated for treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age.
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across generics, specialty and over-the-counter (OTC) business with operations in over 50 countries. Glenmark's key therapy focus areas globally are respiratory, dermatology and oncology.
The drug maker's consolidated net profit slipped 8.4% to Rs 233.99 crore on 5.2% increase in net sales to Rs 2,908.12 crore in Q2 September 2020 over Q2 September 2019.
On a year-to-date (YTD) basis, the stock has zoomed 41.68% while the benchmark S&P BSE Sensex has gained 11.82% during the same period.
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