Mumbai: Glenmark Pharmaceuticals today said the clinical trials for its experimental pain treatment molecule has been suspended, following which its scrips plunged 20 percent on the bourse.

Partner Eli Lilly has suspended further clinical development for GRC 6211, used in Osteoarthritis pain, Glenmark said in a regulatory filing to the Bombay Stock Exchange.

Glenmark and Eli Lilly are currently in discussions on the way forward, the filing added.

Last October, Glenmark had agreed to sell the marketing rights for its experimental pain treatment molecule to Eli Lilly for an upfront fee of 45 million dollar.

Under the agreement, Eli Lilly was to have the right to sell the compound -- GRC 6211 -- in North America, Europe and Japan, while Glenmark would retain the marketing rights for the rest of the world.

With the announcement, Glenmark plunged nearly 19.99 percent to hit its lower circuit of Rs 324.05 on the BSE.

Glenmark opened two percent down at Rs 396.80, which was also its day's high. Over 5.64 lakh shares changed hands on the BSE. While Eli Lilly closed at USD 33.48, up 4.27 percent on the New York Stock Exchange yesterday.

Source : PTI