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Feb. 1, 2008, 5:14 a.m. EST

Glenmark Pharma says Merck has quit pact on diabetes drug

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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.

-Contact: 201-938-5400

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