UPDATE 1-Glenmark unit in pact with US firm

(Adds details, analyst's quote, share price)

MUMBAI May 4 (Reuters) - Glenmark Generics Ltd, a unit of Glenmark Pharmaceuticals Ltd (GLEN.BO), said on Tuesday it has signed a licensing agreement with U.S.-based Par Pharmaceutical, a unit of Par Pharmaceutical Companies Inc (PRX.N), to market ezetimibe tablets.

Ezetimibe tablets are generic version of Merck-Schering Plough's Zetia tablets, it said in a statement.

Zetia is a cholesterol modifying agent with annual U.S. sales of approximately $1.4 billion, it said.

Glenmark is the first company to file a paragraph-IV certification for the product, which would potentially provide 180 days of exclusive marketing rights for the product, it added.

"The clause of exclusive marketing for almost six months will help the company draw substantial revenue from this deal," a pharma analyst told Reuters over telephone.

Under the agreement, Glenmark and Par Pharmaceutical will share profits from sales of the product, it said.

Glenmark is currently involved in a patent litigation concerning ezetimibe in a U.S. district court, it added.

Par will share control and costs with Glenmark for the ongoing litigation, it added.

Glenmark had received a tentative U.S. FDA approval for ezetimibe tablets in April 2009, it added.

At 10:08 a.m., shares of Glenmark Pharmaceuticals were trading at 292.55 rupees, up 4.61 percent in a Mumbai market that was up 0.13 percent.

(Reporting by Kaustubh Kulkarni; Editing by Sunil Nair)