Glenmark receives $5 million milestone payment from Sanofi - Economic Times

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NEW DELHI: Glenmark Pharmaceuticals has got $5 million as a milestone payment from Sanofi for a new drug to treat chronic auto-immune disorders, taking total payments received till date to $55 million.

The milestone payments are part of a deal worth $613 million, which the Mumbai-based firm signed with the French firm in May 2011, for Sanofi to develop the new drug.

Glenmark, through its Swiss subsidiary, received the payment from Sanofi on a collaboration of its VLA2 (alpha2-beta1) integrin monoclonal antibody, the company said in a statement.

Glenmark has already received from Sanofi $50 million as upfront payment in 2011-12. The total amount received by Glenmark from Sanofi for the new drug is $55 million, the company said.

Glenmark shares closed at Rs 581.35 on the BSE, up 1.23 per cent.

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