Elite Pharmaceuticals Inc (ELTP)

[senderos]

Elite Pharmaceuticals Announces Strategic Marketing Alliance with Glenmark Pharmaceuticals, Inc., USA
BY GlobeNewswire
— 7:30 AM ET 05/29/2018

NORTHVALE, N.J., May 29, 2018 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc ( ELTP ) announced today the signing of a license, manufacturing, and supply agreement with Glenmark Pharmaceuticals, Inc., USA to market two Elite generic products in the United States with the option to add products in the future.

Through the agreement, Glenmark will sell and distribute the products and Elite will receive from Glenmark, manufacturing and license fees. Glenmark will have semi-exclusive marketing rights to the ANDA approved product, phendimetrazine 35 mg tablets and exclusive marketing rights to an undisclosed pain product, currently under review by the FDA with an expected approval date in the third quarter of this year. Collectively, the brand products and their generic equivalents had total annual sales of approximately $33.6 million in 2017 according to QuintilesIMS Health data.

“The alliance with Glenmark will broaden market access for Elite’s generic products,” said Nasrat Hakim, President and CEO of Elite. “We are excited about the opportunity and look forward to adding more products to the alliance and continued growth for both companies. In addition to our SequestOx™ NDA filing, Elite currently has five ANDAs under review at the FDA, including two with our partner SunGen Pharma, and eight commercial products.”