Glenmark in a regulatory filing said the agreement is potentially worth more than USD 120 million (approx Rs 822.60 crore) in addition to royalties for Glenmark.
The company had posted a net profit of Rs 183.76 crore for the same period of the previous fiscal.
The company reported a net profit of Rs 477.10 crore for the previous corresponding quarter.
Glenmark had entered into a strategic development and licensing agreement with Celon Pharma S.A. to develop and market a generic version of GlaxoSmithKline’s Seretide Accuhaler product - Fluticasone/Salmeterol dry powder Inhaler in Europe.
IPA also appointed Panacea Biotec Joint Managing Director Rajesh Jain as Vice President.
Over the last few years the company has invested significantly to mark the step-wise transition from generics to an innovation-driven organisation, according to the company's annual report.
The Mumbai-based firm also expects to launch nearly 20 products annually.
Glenmark along with its subsidiaries operate 17 manufacturing facilities across four countries and has five research and development centers.
A closer look shows that the absence of deals is actually quite deceptive and belies Glenmark’s actual progress as it stealthily works out of its network of labs in the UK, Switzerland and India.
Consolidated sales for the pharma major at Rs 1,943 crore, up 18 per cent, was largely in line with Rs 1,950 crore estimated by analysts at the ET Now poll.
Temasek Holdings will buy a 3.83% stake in Glenmark Pharma for Rs 945 cr in one of the largest private equity deals in a listed Indian pharma company this year.
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