Ichnos Capital Raise Key For Glenmark, BEAT Platform A Core Value Driver
Q3 Favipiravir Revenues Dive But Remogliflozin Strong
All eyes are on a fundraising plan by Glenmark’s US innovation spin-out Ichnos, with management signaling that its proprietary BEAT platform will be the biggest value driver rather than any individual pipeline asset. The company's India business rang in a strong Q3, with remogliflozin and combinations expected to emerge as a significant franchise.
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Glenmark’s spin-out innovation arm, Ichnos, faces a crucial year of effort to partner out certain potential first-in-class therapeutics for autoimmune diseases and also to advance its oncology pipeline. Meanwhile, CEO and ex-Gilead executive Alessandro Riva is moving on.
COVID-19 doesn't seem to be going away any time soon and antivirals remdesivir and favipiravir remain part of the treatment armamentarium. “Safety inventories” are in place for remdesivir in India, while a key physician anticipates an uptick in the use of favipiravir amid a surge in cases in some parts of the country.
With price erosion seen ‘hitting the bottom’ in the US, Glenmark expects to make a strong comeback after some tough years in that market. Much will depend on product flow, including injectables, from the new Monroe site, with investors also keeping an eye on regulatory traction for rhinitis therapy Ryaltris.