Glenmark Pharmaceuticals on Wednesday announced that its subsidiary has signed distribution and license agreements with Cosmo Pharmaceuticals NV for Winlevi, which is used in treating acne.

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Glenmark Specialty SA, a subsidiary of Glenmark Pharma, will market and distribute Winlevi in Europe and South Africa, the company said in a filing to the stock exchanges.

As per the agreements, Glenmark Speciality SA will receive the exclusive rights from Cassiopea, a subsidiary of Cosmo, to commercialise Winlevi in 15 EU countries and South Africa.

The 15 EU countries wherein Glenmark received the rights are — Bulgaria, the Czech Republic, Denmark, Finland, France, Hungary, Iceland, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain and Sweden.

Cassiopeia will be responsible for the Centralized Marketing Authorization at the European Medicines Agency (EMA), and Glenmark will be accountable for the registration of the product in South Africa and the UK.

Cosmo will be the exclusive supplier of the product, the listed firm Glenmark Pharmaceuticals informed the bourses.

Cassiopea will get an upfront payment of $5 million, in addition to double-digit regulatory and sales milestones along with agreed double-digit royalties on net sales.

Winlevi has been cleared by the United States Food and Drug Administration (USFDA) for the treatment of acne in patients aged 12 years and older.

The EU acne market is expected to grow from $ 928.7 million in 2021 to $1,297 million in 2028. In Europe, more than 90 percent of people aged 11 to 30 years are affected by acne; with a widespread presence among teenagers, which is driving the market's growth.

Shares of Glenmark Pharmaceuticals were trading 1.76 percent higher at Rs 775.9 on the BSE at 12:17 PM.