The Hindu : Business : Glenmark acquires two products

Online edition of India's National Newspaper
Tuesday, Aug 31, 2004

Business

Business

Glenmark acquires two products

By Our Staff Correspondent

MUMBAI. AUG. 30. Glenmark Pahrmaceuticals, U.S., the wholly owned subsidiary of Glenmark Pharmaceuticals, has acquired two FDA approved products from Clonmel Healthcare, a Republic of Ireland corporation.

The acquisition includes the complete regulatory filing assets of two products, which were most recently marketed by ESI Lederle. The market size of the products in the U.S. is about $50 million and has limited generic competition. Citing confidentiality, the company would not reveal the names of the products.

Glenmark plans to launch the products in the next financial year and capture about 25 per cent of market share for each product within one year from launch. "The acquisition accelerates our product growth plan in the U.S. It also advances the introduction and launch of our commercial front end and the Glenmark label in the U.S. marketplace,'' said Jeffrey Weiss, CEO, Glenmark Pharmaceuticals Inc.

Glenmark is looking at filing a total of 8-10 ANDAs on its own label in the current financial year. In addition to its own product filings, Glenmark has a tie-up with KV Pharmaceuticals, a leading U.S. speciality company, for the development and marketing of eight additional ANDAs. Under this agreement, the products will be developed by Glenmark and filed and commercialized by KV under a joint label.

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