We employ the generalized parton picture to analyze the reaction π − p → D − Λ + c . Thereby it is assumed that the process amplitude factorizes into one for the perturbatively calculable subprocessū u →c c and hadronic matrix elements that can be parameterized in terms of generalized parton distributions for the π − → D − and p → Λ + c transitions, respectively. Representing these parton distributions in terms of valencequark light-cone wave functions for π, D, p and Λ c allows us to make numerical predictions for unpolarized differential and integrated cross sections as well as spin observables. In the kinematical region where this approach is supposed to work, i.e. s 20 GeV 2 and in the forward hemisphere, the resulting cross sections are of the order of nb. This is a finding that could be of interest in view of plans to measure π − p → D − Λ + c , e.g., at J-PARC or COMPASS.