Glenmark Has An Orphan Ahead of Innovation Capital Raising Plan
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.
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Glenmark’s innovation spin-out Ichnos aims to rapidly advance its pipeline candidates and key data readouts next year are expected to shape the new entity’s growth trajectory and proposed funding initiatives.
Glenmark has received a Russian nod to sell its Montlezir tablet for treating allergic rhinitis, further building its presence in the country’s respiratory segment.
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.