Mumbai, Apr 1 (UNI) Leading pharmaceutical company Glenmark Pharmaceuticals Limited has reorganised its business into Speciality and Generics to chart a high growth trajectory.
The reorganisation had become essential as both Glenmark's Speciality and Generics business had grown rapidly, posing a challenge of managing two diverse businesses which had attained a critical mass, the Company said in a release here. The reorganisation aims to promote sharper focus on generics and specialty as separate businesses with distinctive needs, skill-sets, objectives and growth imperatives and aligned management teams.
As a result of the reorganisation, Glenmark has transferred its Generics and Active Pharmaceutical Ingredients (API) businesses to its subsidiary-Glenmark Generics Limited (GGL). GGL is guided to generate USD 180 million in net sales in fiscal 2008 and USD 255 million in the next fiscal. Terrance Coughlin (erstwhile President - API and US Generics, Glenmark) has been appointed as the CEO of GGL.
Glenn Saldanha will function as the Chairman of Glenmark Generics Limited. Glenn has been responsible for launching and running Glenmark's generic and API businesses.
Speaking on development, Mr Saldanha said, ''The business reorganisation marks the beginning of a new era in the life of Glenmark.'' GGL would handle the development, manufacture and distribution of generic formulation and API businesses. The parent company Glenmark Pharmaceuticals Limited will continue to directly manage the novel R&D, biologics and branded formulation businesses of the Glenmark group including India, Brazil, Rest of Latin America (excluding Argentina), Russia/CIS, Africa and Asia.
The Generics business would inherit Glenmark's Goa plant for formulations, the three API plants in India, sales units in the USA and UK and the Argentina oncology operations. In addition, a group from R&D focused on API and Formulation Development will also move to the generics company.
The branded business will remain in Glenmark Pharmaceuticals and retain all remaining assets, branded sales groups in India and overseas and all remaining R&D operations related to NCEs, Biologics and formulation development for brands.
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