Glenmark Pharmaceuticals on Monday said its subsidiary Glenmark Pharmaceuticals SA has granted licence to Sanofi-aventis for developing drugs to treat chronic pain, for an initial payment of $20 million (about Rs 89 crore).
Western drugmakers, including Pfizer Inc, Novartis AG, Roche Holding AG and Sanofi SA, covet a bigger share of the fast-growing Indian drugs market.
Ties between India and the United States have been strained in recent years because of trade policies and patent disputes.
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
