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Glenmark UK and Merck Generics Sign Developmenta nd Marketing Agreement for 8 Dermatological Products for Europe |
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17 Jul 2006 |
MUMBAI, INDIA | Jul, 17, 2006 | Glenmark Pharmaceutical UK Ltd., a wholly owned subsidiary of Glenmark Pharmaceuticals Ltd. and Generics Limited, on behalf of the Merck Generics Group, a subsidiary of Merck KGaA of Darmstadt, Germany, have entered into an agreement for the joint development, filing and marketing of 8 generic dermatological products for Europe, which have a current annual sales value of around USD 225 Mn in the region.
As per the agreement, Glenmark will develop, manufacture and supply the product while both the companies would be responsible for their own sales and marketing. the first of these products has already been filed and is targeted to be launchedi n 2007; the remaining products are forecated to be launched by 2010.
Glenn Saldanha, MD and CEO of Glenmark Pharmaceuticals stated, "We are happy to partner with Merck generics, which besides being a well respected global generic pharmaceutical player, also has a strong sales presence in Europe. Moreover, our association is a testament to Glenmark's combined strengths in dermatology and R&D."
Guy Clark, President - Glenmark European Region added "We are excited about our agreement with Merck Generics, which marks Glenmark's first significant deal in the European region." Glenmark commenced its European commerical operations by establishing its wholly-owned subsidiary, Glenmark Pharmaceuticals Ltd in 2004. Its focus is to develop and market niche and branded generic products in the European region. The company is also evaluating inorganic growth opportunities including the acquisition of sales and distribution front ends in select high-potential European markets.
SOURCE: Glenmark UK & Merck Generics Agreement |
