By Bharghavi Nagaraju

MUMBAI (Reuters) - India's Glenmark Pharmaceuticals (GLEN.BO: Quote, Profile, Research) expects to post a 34 percent rise in consolidated net profit in 2008/09 as it seeks to license out four of its experimental molecules, a top official said on Monday.

Glenmark's managing director, Glenn Saldanha, forecast a net profit of $210 million on revenue of $673 million, up 35 percent over last year, for the year to March 2009.

For 2009/10, net profit is seen at $282 million and revenue at $932 million, Saldanha told an analysts' conference.

"We have raised our forecast by 10 percent," he said.

Glenmark is one of the few Indian pharmaceutical firms working on developing new drugs and has managed to sew up three outlicensing deals for two of its experimental drugs, selling the marketing rights for these drugs in different countries.

For 2007/08, the company earned $60 million in milestone payments, or fees for the progress made in the development of a lead molecule. For 2008/09, this fees is seen at $69 million.

In February, Merck KGaA (MRCG.DE: Quote, Profile, Research) pulled out of a deal to globally market and develop Glenmark's experimental diabetes drug Melogliptin, as part of the German firm's decision to drop diabetes research.

The Mumbai-based firm is on track to find partners to sell its asthma molecule, Oglemilast, in Europe and to replace Merck for Melogliptin in 6-12 months, Saldanha said, adding these would be part of the four outlicensing deals targetted for the year.