Glenmark Generics Inc, the US unit of Glenmark Generics Ltd , on Monday said that it has settled all pending litigation with Medicis Pharmaceutical Corp relating to patent actions regarding Fluocinonide.

Fluocinonide is the generic version of Medicis’ Vanos cream and Ciclopirox Olamine, the generic version of Medicis’ Laprox gel, it said in a statement to the BSE.

Glenmark Generics is a unit of drugmaker Glenmark Pharmaceuticals Ltd.

Under terms of the settlement, Glenmark would be able to market and distribute its generic version of Vanos cream under license from Medicis as early as December 2013, it said.

In addition, Glenmark would have a license to launch a generic version of Laprox gel, supplied by Medicis immediately, it added.

In a separate statement, Glenmark Pharmaceuticals also said it has entered a pact with Medicis to co-develop and sell a speciality pharmaceutical product in North America for treatment of acne vulgaris.

Glenmark will get a one time upfront payment of $5 million from Medicis and is eligible to get additional payments on achieving certain development milestones and royalty upon commercialisation, it said.

The company also said it has got Abbreviated New Drug Application (ANDA) approval from the United States Food and Drug Administration for Ciclopirox Olamine cream used to treat dermatogical infections.

At 10.33 am, shares in the company were up 6.46 per cent at 236.55 rupees in the Mumbai market that was up 1.13 per cent.

Courtesy: http://economictimes.indiatimes.com/