Glenmark Life Sciences Limited‘s share price climbed on Friday after the pharmaceutical firm won a contract to supply medical ingredients to a Japan-based pharma developer.
What Happened: Glenmark Life, a developer and manufacturer of high-value active pharmaceutical ingredients (APIs), has revealed the signing of a master supply agreement (MSA) with a Japanese pharmaceutical innovator, the company said in a press release.
According to the agreement, GLS will be responsible for manufacturing and supplying APIs for urinary anti-spasmodic therapeutics to the global innovator.
The collaboration could lead to further exposure to the product portfolios of affiliates of the Japan-based global innovator in the future, Glenmark Life said. The APIs for the final formulation will be provided to major regulated markets, including the United States, Europe and Japan. The project is estimated to hold a commercial value of around $5 million (₹41.5 crore).
“This collaboration is part of our continued efforts in the CDMO space to contribute to the advancements in healthcare while expanding our global footprint,” said Yasir Rawjee, managing director and CEO of Glenmark Life said. He added that this contract win will not only aid in consolidating its strategic partnership with the Japanese firm but also “open doors for other collaborations”.
Price Action: Glenmark Life Sciences share price was up 2.09% at ₹772.45 in morning trade on Friday.
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