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Glenmark Pharma hits 52-week high after Forest Lab deal

New Delhi, Dec 24: Glenmark Pharmaceuticals rose by 4 per cent to hit its 52-week high of Rs 519.70 following the company's collaboration with Forest Laboratories for worldwide collaboration on Novel Agents to treat chronic
India TV Business Desk December 24, 2012 12:19 IST
India TV Business Desk
New Delhi, Dec 24: Glenmark Pharmaceuticals rose by 4 per cent to hit its 52-week high of Rs 519.70 following the company's collaboration with Forest Laboratories for worldwide collaboration on Novel Agents to treat chronic inflammatory conditions.



"As per the agreement, Forest will make a $6 million upfront payment to Glenmark and provide an additional $3 million to support the next phase of work," said Glen Saldanha, Chairman and Managing Director at Glenmark Pharmaceuticals.

The BSE Sensex also rose 44.03 points, or 0.23%, to 19286.03.