Glenmark Pharma join hands with Taiwan based company to enter South-East Asian market
Glenmark Specialty S.A. and Lotus International Pte. Ltd entered into an exclusive licensing agreement for commercializing Ryaltris Nasal Spray in Singapore, Hong Kong and Vietnam.
Glenmark Pharmaceuticals an innovation-driven, global, integrated pharmaceutical company, today announced that its Swiss subsidiary, Glenmark Specialty S.A., has entered into an exclusive licensing agreement with Lotus International, a wholly-owned subsidiary of Lotus Pharmaceutical Co., Ltd. (Lotus), for commercializing its innovative nasal spray Ryaltris in Singapore, Hong Kong and Vietnam.
Under the terms of the agreement, Glenmark will be responsible for the manufacture and supply of Ryaltris, whereas Lotus will be responsible for the 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.
"This partnership will provide patients access to a highly effective and proven treatment for allergic rhinitis in these key South-East Asian markets,” said Robert Crockart, Chief Commercial Officer, Glenmark Pharmaceuticals.
“This is also the first Brand product to be included in our respiratory portfolio with strong clinical data and IP protection,” added Petar Vazharov, Chief Executive Officer of Lotus.
Ryaltris is developed by Glenmark, is a novel fixed-dose combination nasal spray. It is a metered, fixed-dose, aqueous suspension, prescription drug product nasal spray for the treatment of symptoms associated with allergic rhinitis (AR) in adults and pediatric patients 12 years of age and older.
Background of Taiwan based firm
Lotus is the largest pharmaceutical company in Taiwan with high-value generic products. They can reach nearly every global market with its high-value pipeline through its direct markets, currently encompassing Taiwan, Korea, Thailand, Vietnam, Singapore, Hong Kong, Malaysia, Philippines, and China, or via alliances with top-tier pharma companies based on its industry-leading infrastructure certified by most of the advanced regulatory authorities around the world, including US FDA, EU EMA, Japan PDMA, China FDA, and Brazil ANVISA. Lotus International Pte. Ltd. is a wholly-owned subsidiary of Lotus as a regional hub for the South East Asian market.
On the closing bell, Glenmark Pharma was trading at Rs 500, up by 0.37% for the day.
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