According to Shasun Chemical joint managing director, S Abhaya Kumar, all development and regulatory costs and profits on sale in the US will be shared equally between the company and Shasun. "Products under the agreement are expected to be filed over a three year period with the first filing expected by 2005," he said. Shasun is one of the active pharmaceutical ingredient (API) partners of Glenmark. The company is also setting up a formulation plant at Pondicherry with an investment of Rs 40 crore.
Glenmark has completed filing a total of six ANDAs to date and is planning to file another three ANDAs by May 2005. The company had also announced the purchase of two ANDAs from Clonmel Healthcare. Glenmark has recently signed two partnership agreements with US-based companies Interpharm and Konec for Naproxen and Nitoglycerin. On Monday, the Glenmark stock opened at Rs 286.80 at The Stock Exchange, Mumbai (BSE). After touching a high of Rs 299 and a low of Rs 286, the stock closed at Rs 290.70.