Glenmark Pharmaceuticals on Friday said its arm Glenmark Therapeutics has inked an agreement with biopharmaceutical firm Otonomy Inc with an exclusive right to promote Otiprio, indicated for treatment of inflammation of the outer ear canal, in the US market.
Glenmark Therapeutics Inc, a wholly-owned subsidiary of Glenmark Holding SA, is dedicated to developing and commercialising a franchise of branded products for Glenmark Pharmaceuticals and is focused in the areas of respiratory and dermatology.
The agreement provides Glenmark Therapeutics with an exclusive right to promote Otiprio used for the treatment of acute otitis externa (AOE) in patients 6 months of age and older in ear, nose and throat specialist offices in the US and its territories, Glenmark said in a statement.
"Financial terms for the multi-year agreement were not disclosed; however, Glenmark Therapeutics will provide Otonomy an annual co-promotion fee and provide reimbursement of a proportion of product support expenses," it added.
In addition, Otonomy will retain a share of the adjusted gross profits from the sale of Otiprio to Glenmark's accounts, Glenmark said.
Commercial rights for use of Otiprio in other indications, including treatment of bilateral otitis media with effusion in patients 6 months and older who need ear tubes, will remain with Otonomy, it added.
Glenmark Therapeutics North America President Robert Matsuk said, "We are pleased to collaborate with Otonomy on this agreement which represents an excellent opportunity to fit within our respiratory franchise and supports our strategy of maintaining commercial emphasis on specialists."
This agreement is an example of Glenmark Therapeutics' efforts to maximise and grow presence by pursuing opportunities both through external partnerships and our internal research and development pipeline, he added.
Shares of Glenmark Pharmaceuticals were trading at Rs 627.85 per scrip on the BSE, up 0.22 per cent from its previous close.
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