Page 148 - CW E-Magazine (3-10-2023)

Pharmaceuticals Pharmaceuticals

DIVESTMENT AWARENESS OF BEST PRACTICES

Glenmark Pharma to sell 75% in Glenmark Life Pharmexcil launches capacity-building initiative;

Sciences to Nirma focuses on quality compliance and patient safety

Glenmark Pharmaceuticals has tible business and were investing in pharma- said, “We will continue to operate as The Pharmaceuticals Export Promo- launched recently in Ahmedabad. The
agreed to divest 75 percent stake in ceuticals, though the GLS acquisition an independent API company under the tion Council (Pharmexcil) with the sup- programme aims to raise awareness
Glenmark Life Sciences (GLS) to Nirma would be a major one. Nirma will make a new ownership of Nirma.” port of the Ministry of Commerce and among pharmaceutical manufacturers
Limited for a consideration of Rs. mandatory open offer to public sharehol- Industry has launched a capacity – build- about the best international practices,
5,651-crore (at Rs. 615 per share). ders of GLS for 17.15 per cent at Rs. 631 Nirma’s pharma play ing programme for the industry. need to educate small and medium-scale enabling them to uphold quality stan-
per share, he said. The transaction will expand Nirma’s manufacturers to improve their under- dards.
The transaction will help strengthen pharmaceuticals portfolio comprising As the Indian pharma units, espe- standing of regulatory, GMP, and qua-
Glenmark Pharma’s balance sheet, as it Glenmark Pharma will retain 7.84 injectables, parenterals and ophthalmic cially in the MSME sector, are facing lity & safety norms and at the same time The Indian Drug Manufacturers Asso-
extinguishes the debt, said Mr. Glenn percent in GLS after the divestment. The products, a note from the Ahmedabad- new challenges such as poor resour- to keep up the momentum of upholding ciation (IDMA) is also supporting the
Saldanha, Chairman and Managing transaction helps both companies achieve headquartered Group said. It comes close ces to meet global as well as domestic export potential,” the Council said in a initiative and has called on its members
Director of Glenmark Pharmaceuticals. their long-term goals, he said. “It also on the heels of the Group’s acquisition of expectations in healthcare, the govern- release. to actively take part in the programme.
The gross debt is about Rs. 4,500-crore. presents an opportunity for us to strengthen Stericon Pharma in March. Mr. Hiren Patel ment is contemplating to implement The capacity – building programmes
shareholder value through deleveraging Managing Director, said that Nirma has the Draft Schedule M (Good Manu- In line with the initiative, a capa- are also being planned to be conducted
“This is as good a time as any,” and enhancing our overall return profi le.” been actively involved in the pharma- facturing Practice) published in 2018 city – building programme focusing in Chandigarh, Hyderabad, Indore,
Mr. Saldanha was quoted as saying in an Glenmark Pharma will be net cash posi- ceutical sector since 2006, and this trans- soon. on quality compliance and patient Visakhapatnam, Mumbai, Chennai,
interview with the Hindu Businessline, on tive after the completion of the transaction. action presented the “ideal platform to safety, specifi cally on industry prac- Bangalore, Sikkim, and Goa, the release
the timing of the deal that comes barely Presently, Glenmark Pharma procures propel our pharmaceutical business into its “In this context, Pharmexcil felt the tices and regulatory expectations, was said.
two years after GLS was listed. Glenmark about 15 percent of its APIs from GLS. It next phase of growth.” The acquisition of
Pharma and GLS had divergent pathways, continues to have a fi ve-year procurement GLS aligned with its own strategic goals, Lupin to acquire fi ve brands from Italy’s Menarini
he explained, as Glenmark Pharma looks agreement from GLS, the management he said, positioning Nirma among the top
to move up the value chain into speciality said. As part of the transaction, Glenmark fi ve independent API companies in India. Lupin is to acquire fi ve legacy brands (Sucralfate + Oxetacaine), Pyridium Lupin’s Managing Director,
and innovative products, with a continuous Life Sciences and Nirma have agreed to The move also enables the company to from Italian pharma group Menarini, for (Phenazopyridine) and Distaclor Mr. Nilesh Gupta, said, the acquisition
focus on core therapeutic areas of derma- certain non-compete and non-solicit leverage indigenous R&D, he added. GLS’ Rs. 101-crore. The brands span the thera- (Cefaclor). The turnover of the said aligned well with the company’s goal to
tology, respiratory and oncology. GLS arrangements for a specifi ed period. manufacturing facilities are located at peutic segments of gastroenterology, brands for the year ended March 31, broaden its presence in the Indian mar-
was focused on manufacturing and mar- Ankleshwar, Dahej, Mohol and Kurkumbh, urology and anti-infectives. 2023 was about Rs. 32-crore, the com- ket. “Growing urbanisation and dietary
keting APIs (active pharmaceutical ingre- GLS reported a revenue of and its R&D facilities are at Mahape, pany said in a stock market fi ling. changes are driving the demand for gas-
dients) across major global markets. While Rs. 2,161-crore and a net profit of Ankleshwar and Dahej. GLS is in the pro- The company has signed an agree- trointestinal and urology treatments in
Nirma is not a traditional pharmaceutical Rs. 467-crore in FY23. Mr. Yasir Rawjee, cess of setting up an API manufacturing ment with Menarini (A. Menarini India Lupin has been exclusively mar- India,” added Mr. Rajeev Sibal, Lupin
company, he said, they had a small injec- Managing Director and CEO, GLS, facility at Chincholi, Solapur. Pvt. Ltd. and A. Menarini Asia-Pacifi c keting the brands in India since July President (India Region Formulations).
Holdings Pte. Ltd.) to acquire the 2021 under a distribution and pro- For Menarini, the transaction signalled
Bharat Biotech’s TB vaccine candidate set for brands, along with their trademark motion agreement with A. Menarini a commitment to expand its dermato-
rights, Lupin said. The brands are India. The legacy brands will help logy and aesthetics portfolio, said
phase-III trials Piclin (Picosulphate Sodium), Menoctyl strengthen Lupin’s diverse portfolio, Mr. Girisan Kariangal, Managing
(Otilonium Bromide), Sucramal O it said. Director, Menarini India.
A new Tuberculosis (TB) vaccine (EDCTP) and was sponsored by Bio- leading cause of deaths from infectious
candidate of Bharat Biotech International fabri in infants in South Africa, while disease after COVID19. TB is a highly
is on the verge of entering phase III the other was sponsored by Internatio- contagious disease where vaccines are Peter Bains is Biocon’s new group CEO
clinical trials, a report the Hindu Busi- nal AIDS Vaccine Initiative (IAVI) and seen as the ‘best’ solution to prevent di-
nessline stated quoting unnamed sources. supported by the US National Institutes sease, reduce transmission and combat Biopharmaceuticals major Biocon Director at Syngene International, a sub- for the role, having both extensive
of Health and the US Department of multi-drug resistant strains. If success- has named Mr. Peter Bains as Group sidiary of Biocon, from 2010-16. He has global leadership experience and suc-
Two separate phase II trials of Defence through its Congressionally ful, the collaboration between Bharat CEO. He will directly report to group over three decades of experience in stra- cess across the biopharmaceutical fi eld
Mycobacterium Tuberculosis Vaccine Directed Medical Research Program, Biotech and Biofabri (which was anno- chairperson Dr. Kiran Mazumdar-Shaw. tegic and operational leadership roles and a comprehensive understanding of
(MTBVAC) are said to have been com- the source added. unced last year) is expected to result in various companies, including GSK, the Biocon Group, having led Syn-
pleted. Of the two trials, one was sup- in the worldwide production and the Mr. Bains was previously an inde- MiNA Therapeutics, and Indivior Plc. gene for 5 years and taking it through
ported by The European & Developing TB infects more than 20 per cent of supply of the future vaccine in more than pendent Director on Biocon’s board its very successful IPO in 2015,”
Countries Clinical Trials Partnership the global population and is the second 70 countries with a high TB incidence. since December, and CEO and Board “Peter has a unique fi t and profi le Dr. Shaw said.

148 Chemical Weekly October 3, 2023 Chemical Weekly October 3, 2023 149

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