Glenmark Says Makeover To Be Finished By End 2019-20 As It Seeks To Spur Growth
Glenmark says its reorganization into three entities – one focused on generics and specialty drugs, the second on APIs and the third on new drug innovation – will be wrapped up by year-end as it seeks to accelerate sluggish earnings and reduce heavy debt.
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Glenmark, which has been the recipient of a string of notices from the US Food and Drug Administration over manufacturing quality issues, is again under fire with the regulator blasting the leading Indian drugmaker for failing to ensure “consistent production” of safe and effective products.
Debt-laden Glenmark Pharmaceuticals has described as “speculative” a report that the firm is discussing with leading Indian family investment office PremjiInvest selling a minority stake in its newly hived-off API subsidiary. The company has promised to remain “proactive” in informing the Bombay Stock Exchange about corporate developments.
Glenmark appears close to sewing up a deal for its biosimilar version of Novartis/Genentech's Xolair amid the firm's ongoing focus on partnering out some key assets. It also expects to kick off plans to raise capital in the US for its innovation business in Q4 of fiscal 2019-20.