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India’s Glenmark Puts Off U.S. Acquisitions Due To Financial Crisis

This article was originally published in PharmAsia News

Executive Summary

Because of the global financial crisis, India's Glenmark Pharmaceuticals has put off plans to acquire U.S. companies at least for another year. Glenn Saldanha, managing director, told an analyst the company had to reconsider its merger-and-acquisition plans because of the economic situation, but expects to meet its net profit forecasts for the next two years, on track for $210 million next year and $282 million in the 2010 fiscal year. He said Glenmark would resume considering U.S. acquisitions in a year to 18 months. (Click here for more

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