Glenmark outlicences pain molecule to Eli Lilly ; deal projected at $ 350 m Our Bureau Mumbai , Oct . 30 In what will be the third molecule from Glenmark Pharmaceuticals Ltd to get out - licensed , the company has entered into an agreement with Eli Lilly for its prospective pain molecule , GRC 6211 . The deal has a projected potential of $ 350 million , and Glenmark has received an upfront payment of $ 45 million . The deal is the largest for Glenmark that has in the past out - licensed its prospective asthma and diabetes molecules as well . At a projected $ 350 million , the deal is the biggest in the Indian pharmaceutical industry , despite the later payments coming only on achieving certain parameters , industry - watchers observed . Following the initial upfront payment , Glenmark could receive up to an additional $ 215 million in potential development and sales milestones for the initial indication , as well as royalties on sales if GRC 6211 is successfully developed , the company said . On further development , it would be entitled to additional milestones up to $ 90 million . " The deal shows we understand what it takes to discover a molecule and take it to Phase II , " Mr Glenn Saldanha , Glenmark ' s Managing Director and Chief Executive Officer said . The clinical trials on this molecule were done in Europe , he said , and the molecule is at present undergoing Phase II a trials , where the molecule is targeted on a larger sample size of people with the illness that the molecule is targeting . Lilly will have marketing rights for North America , Europe and Japan , while Glenmark will retain the marketing rights in all other countries . Further Glenmark will have the right to co - promote GRC 6211 in the US , a note from the company said , without disclosing other details . Mr Saldanha also said that Lilly will have the rights and intellectual property to its portfolio of transient receptor potential vanilloid sub - family 1 ( TRPV 1 ) antagonist molecules , in the pain segment . GRC 6211 is the lead molecule in this programme , he explained . Glenmark shares were up over 4 per cent on Tuesday , at Rs 474 . 20 on the BSE . COPD / Asthma molecule On Monday Glenmark had said that the United States Food and Drug Administration had given a favourable partial response to its promising chronic obstructive pulmonary disorder ( COPD ) and asthma molecule Oglemilast ( GRC 3886 ) , allowing the company to go ahead with additional clinical trials on the molecule . The partial regulatory approval came after a submission made by Forest Labs , addressing the FDA ' s non - clincial questions . Glenmark had entered into a $ 190 - million agreement with Forest in September 2004 . Merck Deal Glenmark also clarified on the impact of Merck ' s restructuring on Glenmark ' s prospective diabetes molecule GRC 8200 . It formalised an outlicensing agreement with Merck KgaA on GRC 8200 in 2006 . Merck paid an upfront payment of ? 25 million to Glenmark on signing the ? 190 - million deal . Glenmark said that it did not have to return the milestone payment and the development of the drug was on track . While the companies were in discussions , the two options before Glenmark are : the molecule could return to Glenmark , for re - licensing to another partner . Or Merck could help Glenmark scout for another partner , the company said .