Glenmark has entered into a drug development and commercialize deal with US based Medicis Pharmaceuticals for one of their NDDS based dermatological product (Acne treatment; potential market size- US$500mn). Glenmark has received an upfront milestone payment of US$5mn and expect to receive additional milestone and royalty on commercialization. We view this development as positive one for Glenmark though it will take another 2-3 years for Glenmark to have recurring earnings from this product, if launch successfully. We take US$5mn payment as one time impact and maintain our core business earnings of Rs11.7 and Rs 15.3 for FY10E and FY11E respectively. At the CMP of Rs 222, the stock is trading at 19xFY10E and 14.5xFY11E. We maintain Hold on the stock with a target price of Rs214.
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