Glenmark Pharma enters into exclusive agreement with Menarini Group; stock ends positively

On Wednesday, the global pharmaceutical company, Glenmark Pharmaceuticals announced that its Swiss subsidiary, Glenmark Specialty SA has entered into an exclusive licencing agreement with an Italian pharmaceutical company, Menarini Group for the marketing of innovative nasal spray. 

The exclusive licencing agreement is to commercialise Ryaltris, an innovative nasal spray across 33 countries in Europe, including the Balkan region. Under this agreement, Glenmark Pharma will be responsible for the development & regulatory approval of the nasal spray by relevant European Regulatory Authorities whereas, Menarini Group will be responsible for the commercialisation of Ryaltris across these markets. The company will receive an upfront payment as well as launch & sales-based milestone payments from Menarini for the sale of Ryaltris. 

Ryaltris, developed by Glenmark, is a novel fixed-dose combination nasal spray of antihistamine and steroid, which is used in the treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age. 

Glenmark is a global research-led pharmaceutical company with key therapy focus being respiratory, dermatology, and oncology. The company earns approximately 56.7 per cent of its revenue from Glenmark Pharma (branded generics), 41.4 per cent from Glenmark generics and 1.9 per cent from other products. 

At the time of market closing on Wednesday, the stock of Glenmark Pharma was trading at Rs 495.80 up by 2.47 per cent. It recorded an intraday high of Rs 497.70 and an intraday low of Rs 487.60 on BSE.