Glenmark, Shasun jointly target US generics mart

Mumbai, March 28 | Updated: Mar 29 2005, 05:37am hrs
Glenmark Pharmaceuticals and Shasun Chemicals and Drugs have signed a 50:50 deal for the joint development, filing and marketing of twelve generic products in the US. Glenmark Pharmaceuticals' managing director and CEO Glen Saldana said at a press conference, "the product list includes a mixture of off-patent and patent-protected molecules with cumulative annual sales in the US of about $8 billion." Under the agreement, Shasun will develop and license 12 generic products to Glenmark. The company, in turn, will be responsible for filing ANDAs and obtaining regulatory approval in the US market. Upon approval, the company's US subsidiary, Glenmark Pharmaceutical Inc, will be responsible for the marketing while Shasun will handle the manufacture and supply, said Mr Saldana.

According to Shasun Chemical joint managing director, S Abhaya Kumar, all development and regulatory costs and profits on sale in the US will be shared equally between the company and Shasun. "Products under the agreement are expected to be filed over a three year period with the first filing expected by 2005," he said. Shasun is one of the active pharmaceutical ingredient (API) partners of Glenmark. The company is also setting up a formulation plant at Pondicherry with an investment of Rs 40 crore.

Glenmark has completed filing a total of six ANDAs to date and is planning to file another three ANDAs by May 2005. The company had also announced the purchase of two ANDAs from Clonmel Healthcare. Glenmark has recently signed two partnership agreements with US-based companies Interpharm and Konec for Naproxen and Nitoglycerin. On Monday, the Glenmark stock opened at Rs 286.80 at The Stock Exchange, Mumbai (BSE). After touching a high of Rs 299 and a low of Rs 286, the stock closed at Rs 290.70.