Glenmark Pharmaceuticals rose 0.84% to Rs 662.05 at 12:08 IST on BSE after the company entered into an exclusive licensing agreement with Yuhan Corporation for commercializing Ryaltris in South Korea.
The announcement was made during market hours today, 10 January 2019.Meanwhile, the S&P BSE Sensex was down 108.84 points, or 0.28% to 36,104.07
On the BSE, 8,332 shares were traded in the counter so far compared with average daily volumes of 36,000 shares in the past two weeks. The stock had hit a high of Rs 663.30 and a low of Rs 652.25 so far during the day.
Glenmark Pharmaceuticals (Glenmark) today announced that its Suisse subsidiary, Glenmark Specialty S.A., has entered into an exclusive licensing agreement with Yuhan Corporation for commercializing its novel nasal spray Ryaltris in South Korea. Yuhan Corporation is a South Korea-based healthcare company founded in 1926. It is positioned as the top pharmaceutical company in the Korean industry. The core business consists of primary & specialty care, dietary supplements, household & animal care, and contract manufacturing of active pharmaceutical ingredients.
Under the terms of the agreement, Glenmark will be responsible for manufacturing and supply of the product, while Yuhan will be responsible for regulatory filing and commercialization of Ryaltris in South Korea. Glenmark will receive an upfront payment, regulatory and commercial milestone payments as well as royalties from Yuhan.
Ryaltris [olopatadine hydrochloride (665 mcg) and mometasone furoate (25 mcg)], developed by Glenmark, is a novel, investigational, 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.
In May 2018, Glenmark filed a New Drug Application (NDA) for Ryaltris with the US Food and Drug Administration (US FDA), which is currently under review with the regulator. Glenmark plans to commercialize Ryaltris in various markets globally. The company will continue to explore commercial partnerships for Ryaltris in markets where it doesn't have direct presence.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization. Glenmark has several molecules in various stages of clinical development and is focused in the areas of oncology, dermatology and respiratory.
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