Glenmark Pharma to Hive Off Generics Biz (India)
This article was originally published in PharmAsia News
Glenmark Pharmaceuticals reports it will spin off its generics business to new company Glenmark Generics (GGL). GGL will handle the development, manufacture and marketing of generic formulation and API businesses, and will be a wholly-owned subsidiary of Glenmark Pharmaceuticals. Glenmark Pharmaceuticals will continue to directly manage the novel R&D and branded formulation businesses of the group. Terrance Coughlin, currently president of Glenmark Pharmaceuticals, will take over as CEO of Glenmark Generics. Glenn Saldanha, CEO of Glenmark Pharmaceuticals, will be the chairman of the new company. "Both our specialty and generics businesses have now grown immensely, posing a growth challenge of managing two large but diverse businesses," Saldanha says. "The sheer size of the business now has its own set of management challenges. To address these challenges, strengthen our focus on R&D and accelerate our growth in the generics and API business, we are happy to announce a plan to reorganize our businesses by moving the generics and API businesses into a wholly-owned subsidiary." (Click here for more
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