Glenmark Pharmaceuticals (GPL) has announced it has entered into an exclusive agreement with Medicis Pharmaceutical Corporation to co-develop and commercialize a specialty pharmaceutical product in North America for the treatment of acne vulgaris.
Pursuant to terms of the agreement, Glenmark will receive a one-time up-front payment of USD 5 million from Medicis, and is eligible to receive additional payments upon achieving certain development milestones and royalty upon commercialization.
The agreement focuses on a topical pharmaceutical product to be developed from Glenmark’s pipeline. In a statement from Glenn Saldanha, managing director and CEO, Glenmark Pharmaceuticals mentioned “Both Glenmark and Medicis have extensive experience in the dermatological market segment and this collaboration will allow us to bring a promising new treatment alternative to patients.”