Tough times are ahead for pharma majors as research pipelines around the globe are drying up. The latest victim is Glenmark Pharma. Glenmark Pharmaceutical on Friday announced its partner Elli Lilly's decision to suspend further clinical development for its Osteoarthritis pain molecule, has clearly left a big hole in its R&D pipeline.
Of this $360 million out-licensing deal, Glenmark will however retain the $50 million upfront milestone payment from Elli Lilly. The molecule was at an early clinical Phase II development stage.
Earlier this year, Glenmark’s alliance with Merck for diabetic drug also came to an abrupt end. While Glenmark maintains that Lilly is yet to justify its move, clearly it will now have to scout for new partners to help finance Saldhana’s agressive R&D plans.