The research effort combined with good performance in its generics business has made investors lap up its stock in recent quarters.

As part of the agreement, Glenmark will receive up to $ 9 million (around Rs 50 crore) from US-based Forest Laboratories Inc.

Glenmark surged over 4% to hit its 52-week high of Rs 519.70 after the company said its subsidiary has signed an agreement with Forest Labs.