Glenmark Pharmaceuticals has sought anarbitration in the US on Napo Pharmaceuticals terminating a collaborationagreement with it to develop and market an HIV-associated diarrhoea drug. NapoPharma had terminated the pact on November 10. The move is a fresh hurdle toGlenmark's ambitious plans to exclusively market the drug, Crofelemer, in 140countries. Glenmark developed Crofelemer with US-based partners Napo and SalixPharmaceuticals. It is the first ever drug developed by an Indian firm.
According to the licensing agreement,Glenmark holds the exclusive rights to distribute Crofelemer in 140 countrieswhile Salix would sell it in regulated markets such as North America, Japan andEurope. Napo Pharma was the initial developer of the molecule and licensed itout to Glenmark and Salix. Glenmark, in a press release, vehemently denied thatNapo had any basis to terminate the agreement and that it was seeking adeclaration from an arbitration panel that Napo’s claims of breach wereunfounded. Glenmark, in August, had filed for arbitration claims against NapoPharma to prevent the latter from distributing Crofelemer in Glenmark’sterritories through relief agencies. Glenmark in July received $15 million fromSalix Pharma towards upgrading the manufacturing facility for Crofelemer and isexpected to get $6.6 million in five equal instalment.
Company Name | CMP |
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Sun Pharma Inds. | 1532.85 |
Dr. Reddys Lab | 5812.50 |
Cipla | 1403.90 |
Zydus Lifesciences | 1104.45 |
Lupin | 1661.90 |
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