Glenmark Signs Agreement With Particle Sciences For Generic Cancer Drug
Glenmark gets exclusive marketing, distribution rights for generic cancer treating drug
Glenmark Pharmaceuticals Ltd. signed an agreement with Particle Sciences Inc for the exclusive global commercial marketing and distribution rights of the generic version of cancer drug - Abraxane.
Under the agreement, Particle Sciences, which is part of the Berkshire Hathaway owned - Lubrizol Corporation, will develop the drug specifically for Glenmark. In return, Particle Sciences will receive milestone payments and royalty on sales.
The Abbreviated New Drug Application for launching the product in the U.S. market will be filed in financial year 2018-19, Glenmark said in a press release.
The partnership is a significant development in Glenmark’s complex generics strategy and we are pleased to collaborate with Particle Sciences given their strong technical capabilities and understanding of particulate injection products. This is a challenging product to develop and we expect it to remain a limited competition opportunity.Robert Matsuk, President - North America and Global API, Glenmark Pharmaceuticals
Abraxane is an injectable drug used for the treatment of multiple types of cancer including breast cancer, lung cancer and pancreatic cancer.
Abraxane, currently marketed by Celgene Corp. had global sales of $967 million, and U.S. sales of $654 million in 2015, Glenmark added.
Glenmark stock gained as much as 1.8 percent to Rs 929.9 before closing 0.79 percent higher.