Pharmaceutical firm Glenmark Pharmaceuticals on Thursday said its Swiss subsidiary has entered into an agreement with a wholly-owned subsidiary of Lotus Pharmaceutical, for commercialising its innovative nasal spray Ryaltris in Singapore, Hong Kong and Vietnam.
Glenmark’s Swiss subsidiary, Glenmark Specialty and Lotus’ wholly owned subsidiary Lotus International have entered into an exclusive licensing agreement for commercialising its innovative nasal spray Ryaltris in Singapore, Hong Kong and Vietnam, the company said in a statement.
Under the terms of the agreement, Glenmark will be responsible for the manufacture and supply of Ryaltris, whereas Lotus will be responsible for commercialization of Ryaltris (subject to receipt of regulatory approvals), in these markets.
Glenmark will receive an upfront payment as well as regulatory and sales based milestone payments from Lotus, the company said.
We are excited to partner with Lotus for Ryaltris as it is a strong and reputed player in the region and is aligned with Glenmark’s objective to provide quality novel products to fulfill unmet needs of patients with allergic rhinitis.
This partnership will provide patients access to a highly effective and proven treatment for allergic rhinitis in these key South-East Asian markets, Glenmark Pharmaceuticals Chief Commercial Officer Robert Crockart said.
Commenting on the development, Lotus Chief Executive Officer Petar Vazharov said, ?As being strongly committed to making a difference for all patients, we are honored to partner with Glenmark to ensure this novel spray drug accessible to patients in South East Asia.
This is also the first Brand product to be included in our respiratory portfolio with strong clinical data and IP protection. The partnership not only strengthens the competitiveness of our overall product portfolio but also accelerates our expansion in key SEA countries.
(UNI)
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