By Rumman Ahmed
BANGALORE (MarketWatch) -- Glenmark Pharmaceuticals Ltd. Friday said Merck Serono, a division of Merck KGaA (MRK.XE), has terminated an agreement on GRC 8200, a experimental drug to treat diabetes.
As a result, Glenmark will get the global rights back from Merck Serono for GRC 8200, the company said in a notice to the National Stock Exchange.
GRC 8200, a treatment for Type 2 diabetes, is in Phase II of clinical development.
Glenmark will continue to run the on-going clinical and non-clinical development of the drug, the statement added.
Merck officials weren't immediately reachable for comment.