Financial Daily from THE HINDU group of publications
Tuesday, Aug 31, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 31, 2004 |
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Corporate
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Mergers & Acquisitions Glenmark acquires 2 FDA-approved products from Clonmel Our Bureau
Mumbai Aug 30 GLENMARK Pharmaceuticals Inc of US, the wholly-owned subsidiary of Glenmark Pharmaceuticals, a major player in the therapeutic groups of dermatology and respiratory, has acquired two FDA approved products from Clonmel Healthcare Ltd, a Republic of Ireland corporation. The acquisition includes the complete regulatory filing assets of two products, which were recently marketed by ESI Lederle. The market size for the products in the US is estimated to be $50 million and has limited generic competition, according to a company press release. The release said Glenmark, which plans to launch the products in the next financial year, expects to notch up about 25 per cent market share for each product within one year from launch. According to Mr Glenn Saldanha, Managing Director and CEO of Glenmark Pharmaceuticals Ltd, the acquisition would help advance the USFDA inspection of the company's new formulations plant at Goa. Glenmark's US subsidiary has also recently filed its first complete para 3 Abbreviated New Drug Application under its own label. Glenmark is looking at filing a total of eight to 10 ANDAs on its own label in the current fiscal.
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