Indian drug maker Ranbaxy Laboratories Ltd said on Tuesday it had signed a new research and development pact with GlaxoSimthKline Plc that could help earn over $100 million in potential payments. The agreement provides Ranbaxy with expanded drug development and financial responsibilities, the Indian company said in a statement.
"Ranbaxy could receive over $100 million in potential milestone payments for a product developed by Ranbaxy and subsequently launched by GSK... up to double digit royalties on world-wide net sales," it said.