Glenmark inks $613 m Sanofi deal

This is the second deal the company has entered with Sanofi. Under the agreement, Glenmark will receive an upfront payment of $50 million, which will be used to repay debt.

"We have entered into an agreement with Sanofi to grant the latter the license for developing and commercialisation of GBR 500, a novel monoclonal antibody for the treatment of Crohn's Disease and other inflammatory conditions," Glenmark Pharmaceuticals Managing Director and CEO Glenn Saldanha said. This is the second deal the company has entered with Sanofi.

The total of these payments could reach $ 613 million. In addition, Glenmark is eligible to receive tiered double-digit royalties on sales of products commercialised under the license," Saldanha said.