1-4 September, 2006 Pragati Maidan, New Delhi, India
    Glenmark to sell InvaGen drug in US market

Glenmark Pharmaceuticals, the US subsidiary of Glenmark Pharmaceuticals, has entered into a licensing agreement with InvaGen for the anti-hypertensive drug, fosinopril. Under the agreement, Glenmark Pharmaceuticals will market the drug, which is the generic version of Monopril, in the US market.

The size of the fosinopril generic market in the US is estimated to be $92m. InvaGen had filed the abbreviated new drug application (ANDA) and obtained USFDA approval for the drug in April ’05. “This agreement is in line with our strategy to partner with local US manufacturers to accelerate establishing our presence as a major player in the US market,” said Glenn Saldanha, MD and CEO, Glenmark Pharmaceuticals during an interview with a leading newspaper.

Though Glenmark Pharma has launched its product in the US, the market already has three generic products. The market could see more generic competition.

InvaGen is responsible for the manufacture and supply of the product while Glenmark has exclusive sales and marketing rights. Apart from an initial upfront payment, Glenmark will also share a part of its profits on sale of the product with InvaGen. This association also has potential for launching more products in the future.

Glenmark Pharma’s US business, with a revenue of $15m, is likely to see a spurt in growth given the series of deals that the company has entered into over the last few months.

Date: 02-Aug-2005