Sanofi (France) (SASY.PA) Signs Crohn's Disease Pact With Glenmark Pharmaceuticals; Deal Expected to be Worth $613 Million
5/16/2011 7:21:34 AM
Indian drugmaker Glenmark Pharmaceuticals said on Monday its unit has signed a licensing agreement with France's Sanofi to develop and commercialise a novel monoclonal antibody, sending its shares up nearly 20 percent. Under the terms of the agreement, Glenmark is expected to receive as much as $613 million, in addition to double-digit royalties on sales of products commercialised under the license. The molecule, GBR500, is used for the treatment of Crohn's disease and other inflammatory conditions.