Glenmark spins off global API business
Glenmark Pharmaceuticals is seeking to expand and increase the focus on its global active pharmaceutical ingredient (API) business by spinning it off into a wholly-owned subsidiary called Glenmark Life Sciences Limited (GLL). Having secured board clearance, the Indian firm will seek shareholder approval to move the bulk-drugs business to the Solapur-based subsidiary by transferring assets worth around Rs11.2 billion (US$160 million). The deal is expected to close by the end of the calendar year.
You may also be interested in...
Biocon Biologics Gets True North Investment
Private equity group True North continues to back the Biocon group and is picking up a minority stake in Biocon Biologics in a deal that values the subsidiary at $3bn. Separately, another subsidiary, Biocon Biosphere, has also been set up as part of efforts to unlock the full potential of the business.
Pressure Mounts For German Tender Reforms
Germany’s off-patent industry association, Pro Generika, is finding ample support for its position that by awarding tender contracts to exclusive suppliers, health insurance funds are contributing to drug shortages in the country.
Teva Leapfrogs Mylan And Sandoz On Linaclotide
A patent-litigation settlement that Teva has reached with Ironwood and Allergan over Linzess will allow the Israeli firm to enter the US market with the linaclotide-based constipation treatment ahead of major rivals Mylan, Sandoz, Sun Pharma and Aurobindo.