Glenmark Pharmaceuticals announced that Glenmark Pharmaceuticals Europe has entered into a Strategic Development & Licensing Agreement with Celon Pharma S.A. (Celon) to develop and market a generic version of GlaxoSmithKline's Seretide Accuhaler product - Fluticasone / Salmeterol dry powder Inhaler in Europe upon commercialization.
As per the terms of the agreement; Glenmark has obtained Semi-exclusive Marketing & Distribution rights of the product across 15 European countries including Great Britain, Germany, Belgium, the Netherlands, Italy, Sweden, Norway and Romania among others. Celon on the other hand, shall receive an upfront payment; followed by certain milestone payments during various stages of the product's development from Glenmark; including Royalties on sales. The distribution agreement was concluded for a period of 10 years, with an option of a two-year extension.
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