Glenmark On Course For Xolair Biosimilar Deal, US Capital Raise For Innovation
Glenmark appears close to sewing up a deal for its biosimilar version of Novartis/Genentech's Xolair amid the firm's ongoing focus on partnering out some key assets. It also expects to kick off plans to raise capital in the US for its innovation business in Q4 of fiscal 2019-20.
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FDA orphan drug designation for Glenmark’s multiple myeloma candidate is seen as an important milestone ahead of its innovation spin out’s plans to raise capital in the US to fund pipeline development.
Glenmark says its reorganization into three entities – one focused on generics and specialty drugs, the second on APIs and the third on new drug innovation – will be wrapped up by year-end as it seeks to accelerate sluggish earnings and reduce heavy debt.