One of the major companies in the Indian pharmaceuticals industry, the Glenmark Pharmaceuticals Ltd has recently announced that it has implemented the re-organization of its business into specialty and generics. The company officials have stated that the company commenced the process in the third quarter of the financial year 2007-08 and Glenmark has transferred its generics and active pharmaceutical ingredients (API) businesses to its subsidiary named Glenmark Generics Ltd (GGL), as part of the process. The officials added that the company has guided the GGL for generating $ 180 million in net sales in the financial year 2008 and another $ 255 million in the fiscal 09.
Glenmark has also released an official statement for informing the Bombay Stock Exchange regarding the matter and said that the former President - API and US Generics of Glenmark, Mr. Terrance Coughlin has been appointed as the Chief Executive Officer of GGL. The company also said that the responsibilities of the Chairman of GGL would be taken by Mr. Glenn Saldanha and Mr. Pushpinder Bindra has been included on the board as the Chief Operating Officer.
The top officials of the company stated at the time of announcing the strategic reorientation in the last year that the GGL was intending to get listed in the first quarter of 2008-09. The CEO and Managing Director, Mr. Saldanha has stated in a statement, "If Glenmarks recent growth was divided in phases, the period 2003-07 is the first phase of growth where the company transformed from an India-centric branded generics player into a global, researched based, integrated pharma company in manufacturing and marketing. Here, begins the second phase, where the company aims to become a global end-to-end specialty company with capability to research, develop and launch its own differentiated branded products. On the generics side of its business, GGL aims to be a global integrated generic and API leader". He added that the GGL is going to handle the development, manufacture and distribution of generic formulation and API businesses and the parent company, Glenmark Pharmaceuticals Ltd will continue with directly managing the novel research, biologics and branded formulation businesses of the Glenmark group. These business are inclusive of the markets in India, Brazil, the rest of Latin America (excluding Argentina), Russia/CIS, Africa and Asia.
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| Posted : 4/3/2008 |
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