Aug 23 An international arbitrator ruled that
India's Glenmark Pharmaceuticals has the right to sell
its HIV-associated diarrhoea drug Crofelemer in 140 countries.
Glenmark developed Crofelemer with U.S.-based partners Napo
Pharmaceuticals and Salix Pharmaceuticals Ltd.
The Indian company sought arbitration in the United States
last December after Napo terminated a three-party agreement
under which Glenmark holds the exclusive right to distribute
Crofelemer in 140 countries including India.
Salix was to sell the drug in regulated markets such as
North America, Japan and Europe.
The International Centre for Dispute Resolution found that
Napo breached the agreement by disclosing confidential
information about manufacturing Crofelemer to another drugmaker
Aptuit Laurus, Glenmark said in a statement.
Two telephone calls to San Francisco-based Napo seeking
comment went unanswered.
"This ruling will allow Glenmark to further its commitment
to working with relief agencies to distribute Crofelemer to
affected populations," said Chairman Glenn Saldanha.
Shares in Glenmark rose 2.3 percent to 415 rupees as of 0406
GMT. The broader Mumbai market gained 0.26 percent.