Forest Laboratories and Glenmark Pharmaceuticals Sign Development Agreement for Worldwide Collaboration on Novel Agents to treat Chronic Inflammatory Conditions

Mumbai, December 24, 2012: Glenmark Pharmaceuticals S.A (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals Limited India (GPL), a leading Indian multinational pharmaceutical company,  announced today  that it has entered into an agreement with Forest Laboratories, Inc(NYSE: FRX), an international health care leader, on a collaboration for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.   Glenmark has identified clinical candidates and is currently conducting pre-clinical studies and other development activities required to support the initiation of first-in-human dosing.

Under the terms of the agreement, Forest will make a $6 million upfront payment to Glenmark and provide an additional $3 million to support the next phase of work.  Forest will make other future payments in FY 2014 to support the advancement of the ongoing mPGES-1 inhibitors program.  Forest has an exclusive option to obtain license rights to the program upon the completion of Phase 1 clinical trials.

“This collaboration reinforces our strategy of partnering to achieve our goal of launching innovative technologies around the world,”  said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.  “Forest has an unrivalled reputation as a world leading pharmaceutical company. We’re proud to be associated with them and look forward to working together. The partnership combines Glenmark’s proven track record of leadership and expertise in rapid, innovative product development, and world-class manufacturing network with Forest’s development and regulatory expertise and a strong commercial footprint.” “Forest continues to look for innovative ways to expand its broad pipeline including entering into early stage collaborations to secure access to novel products,” said Marco Taglietti, Senior Vice President of R&D and President of the Forest Research Institute. “We are pleased to have entered into this collaboration with Glenmark, one of the leading discovery companies in India, which provides us access to a novel program focused on a high interest target that has the potential to benefit patients and physicians.”

Both parties will work collaboratively to advance the program into the clinic.  The collaboration between Glenmark and Forest will be managed by a Joint Development Committee with equal representation from both companies.