Glenmark enters into licence, supply pact with Taro Pharma

MUMBAI: Pharma firm Glenmark Pharmaceuticals on Thursday said that it has entered into a licencing agreement with US-based Taro Pharmaceuticals Inc to supply branded products in the US markets.

The US-based subsidiary of the company, Glenmark Generics Inc, has entered into a licence and supply agreement for a branded product with a unit of Taro Pharmaceutical Industries, Pharma firm said in a filing to the Bombay Stock Exchange.

Under the agreement, Glenmark would manufacture the US Food and Drug Administration approved product exclusively for Taro USA, the filing added.

Glenmark would receive milestone payments and a royalty on sales.

"Additional terms of the agreement are not being disclosed," the company said.

Taro USA's branded division -- Taro Pharma -- would be the exclusive United States distributor of the product, it said.

Shares of Glenmark Pharmaceuticals were trading at Rs 291.90 on BSE, up 2.26 per cent from previous close.