Glenmark Pharma Buys 2 FDA Approved Products

Mumbai, Aug 30 | Updated: Aug 31 2004, 05:32am hrs
Glenmark Pharmaceuticals Inc USA, the wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd has acquired two FDA approved products from Clonmel Healthcare Ltd - a Republic of Ireland corporation.

The acquisition includes the complete regulatory filing assets of two products, which were most recently marketed by ESI Lederle. The market-size for the products in the US is approximately $50 million and has limited generic competition.

Glenmark Pharmaceutical Inc CEO Jeffrey Weiss said, "The acquisition accelerates our product growth plan in the US. It also advances the introduction and launch of our commercial front end and the Glenmark label in the US marketplace".

Glenmark plans to launch the products in the next financial year. The company expects to capture approximately 25 per cent market share for each product within one year from launch.

Glenmark Pharma managing director and CEO Glenn Saldanha said, "The current acquisition, we believe, will help advance the USFDA inspection of our new formulations plant at Goa. It will also further our ability to launch and deliver products in the regulated markets under the Glenmark label.

Glenmarks US subsidiary has also recently filed its first complete Para 3 ANDA under its own label. The product has a generic market size of approximately $ 200 million in the US.