Glenmark Generics, a subsidiary of Glenmark Pharmaceuticals, has made a payment of $28.8 million in exercise of its purchase option election with respect to its royalty agreement with Paul Capital Partners’ Royalty Fund (Paul Capital).
In June 2005, when the deal was entered, Paul Capital invested funds for the development of dermatological products for the US market. In return, Paul Capital received royalties. With the exercise of the purchase option election, Glenmark Generics has no further obligation to pay royalties to Paul Capital.
Recently, Glenmark Generics had been granted final approval for their abbreviated new drug application (ANDA) by the United States Food and Drug Administration (USFDA) for Zolmitriptan, generic version of IPR’s migraine treatment Zomig tablets.
