Glenmark is leaving no stone unturned to become a formidable pharma player
01-Jan-2007 •Value Research
It just keeps getting better for Glenmark Pharmaceuticals (Idirect Code: glepha). The good news started pouring in late October 2006 when the company posted a 65 per cent increase in revenue in the second quarter of the current financial year over the same period last year. This was followed by news of the successful production of crofelemer active pharmaceutical ingredient (API) for use in Phase III trial by Napo Pharmaceuticals in the US. The company aims to launch the drug by 2008/2009 and market it across 140 countries for AIDS diarrhoea, acute infectious diarrhoea and pediatric diarrhoea.
In December, Glenmark USA signed an agreement with Lehigh Valley Technologies (LVT) for manufacturing and marketing of seven products in the US. The products will have a cumulative market size of $2.8 billion. Then came the news of company's Swiss subsidiary applying for Phase I clinical trials in Europe, for GRC 6211, its leading compound for a range of pain indications. The Swiss subsidiary also received euro 25 million from Merck KGaA, Germany for collaborating for GRC 8200. GRC 8200 is Glenmark's lead molecule for type II diabetes. Upon commercial launch, Glenmark will supply the active ingredient to Merck and will receive royalties on net sales of the product. The value of all payments to Glenmark could total up to euro 190 million. Expect more good news with the company geared up to meet its FY07 target with 18 to 22 generics in the US market from the 10 products that it currently markets. It may file 10 more dossiers in Latin America.