Global Innovation "Developed in India": Glenmark gets $15 mln milestone fee from Forest Labs

MUMBAI (Reuters) - Glenmark Pharmaceuticals Ltd said on Wednesday its Swiss unit received $15 million in milestone fees from U.S.-based Forest Laboratories for the Indian firm's experimental Oglemilast molecule.

The payment followed the U.S. Food and Drug Administration's approval to start additional phase II, or mid-stage, clinical studies on the molecule for a host of lung disorders.

Source: Reuters (6 Feb. 2008)