Glenmark Pharmaceuticals (GPL), a research-driven, global, integrated pharmaceutical company, today announced that it has entered into an exclusive agreement with Medicis Pharmaceutical Corporation to co-develop and commercialize a specialty pharmaceutical product in North America for the treatment of acne vulgaris.

The agreement focuses on a topical pharmaceutical product to be developed from Glenmark`s pipeline. In a statement from Glenn Saldanha, managing director (MD) and chief executive officer (CEO), Glenmark Pharmaceuticals (Q,N,C,F)* mentioned.

Both Glenmark and Medicis have extensive experience in the dermatological market segment and this collaboration will allow us to bring a promising new treatment alternative to patients.

Pursuant to terms of the agreement, Glenmark will receive a one-time up-front payment of USD 5 million from Medicis, and is eligible to receive additional payments upon achieving certain development milestones and royalty upon commercialization.

Shares of the company gained Rs 14.25, or 6.41%, to trade at Rs 236.45. The total volume of shares traded was 40,680 at the BSE (10.00 a.m., Monday).