Glenmark Pharma Surges After Selling Drug Rights to Sanofi
This article is for subscribers only.
Glenmark Pharmaceuticals Ltd. surged the most in 10 weeks in Mumbai after selling rights to develop an experimental multiple sclerosis treatment to Sanofi.
Glenmark will get cash payments totaling $50 million in the next three months and as much as $613 million if the medicine achieves development targets, the Mumbai-based company said in a statement today. It could also get sales royalties if the drug clears all clinical trials and regulatory hurdles.