Glenmark Pharmaceuticals Ltd. announced that its Swiss subsidiary, Glenmark Specialty S.A., has entered into an licensing agreement with Lotus International Pte. Ltd., a wholly owned subsidiary of Lotus Pharmaceutical Co., Ltd. (Lotus), for commercializing its innovative nasal spray Ryaltris in Singapore, Hong Kong and Vietnam.
Under the terms of the agreement, Glenmark will be responsible for the manufacture and supply of Ryaltris, whereas Lotus will be responsible for commercialization of Ryaltris (subject to receipt of regulatory approvals), in these markets.
Glenmark added that it will receive an upfront payment as well as regulatory and sales based milestone payments from Lotus.
"This partnership will provide patients access to a highly effective and proven treatment for allergic rhinitis in these key South-East Asian markets," said Robert Crockart, Chief Commercial Officer, Glenmark Pharmaceuticals Ltd.
(With inputs from ANI)
