Glenmark to float new generic entity

Mumbai, Nov 7 (UNI) Mumbai-based Glenmark Pharmaceuticals, one of India's leading research-led integrated pharmaceutical company, today announced its plans to reorganise its business speciality and generics.

The new generic entity called Glenmark Generics Limited (GGL) will be listed on the bourses by first quarter of fiscal year 2008-09.

Terranace Coughlin, currently president Active Pharmaceutical Ingredient (API) and US generics, will take over the role of the CEO while Mr Glenn Saldanha will function as the Chairman of GGL.

Talking to mediapersons here today on this development, Glenmark Pharmaceuticals CEO and MD Glenn Saldanha said, ''Both our speciality and generics business have now grown immensely, posing a growth challenge of managing two diverse businesses. To address this challenge, we have decided to seperate both the entities.'' The new company will handle the development, manufacture and marketing of generic formulation and API businesses.

''The objective of the reorganisation of the business is to build end to end integration and to build end to end global capabilities in speciality side in pharma sector,'' Mr Saldhana added.

The generic business of the Company will inherit Glenmark's Goa plant for formulations, the three API plants in India, sales units in USA, UK and the Argentina oncology operations. In addition, a group firm R&D focussed on API and formulations development will also move to the generics company.

The branded business of the Company will remain in Glenmark Pharmaceuticls and retain all the assets of groups in India and overseas.

By 2015, GGL has set a target to become a global leader in API with more than 170 generics on the US market. The Company also plans to come up with an IPO early next year to fund its acquisition and expansion plans.

Glenmark Pharmaceuticals has generic formulation and API business interests in over 60 countries.

UNI