Financial Daily from THE HINDU group of publications
Wednesday, Jan 12, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jan 12, 2005 |
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Corporate
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Alliances & Joint Ventures Marketing - Strategy Glenmark arm in marketing deal with two US firms Our Bureau
Mumbai , Jan. 11 GLENMARK Pharmaceuticals Inc (GPI) has signed two partnership deals with the US-based companies Interpharm and Konec for pain medicine Naproxen and cardiac drug Nitroglycerin, respectively. Glenmark will be responsible for marketing the two in-licensed generic drugs in the US and it would share the profits with the two firms. As per the agreements, the products would be manufactured by Interpharm Inc and Konec Inc, respectively and supplied to Glenmark. According to GPI, the company expects an excess of $1 million in sales revenues during the first three months post launch. GPI is a wholly-owned subsidiary of Mumbai-based Glenmark Pharmaceuticals Ltd and the two deals mark the initiation of a front end for its commercial sales in the US market. Starting this month, the deal is long-term with no specific time-frame, company officials said. While Nitroglycerin will be marketed under the Glenmark label, Naproxen will be marketed under a joint label with Interpharm Inc. Glenmark estimates to generate revenues of approximately $6 million to $8 million of sales from these two products in the first year. According to GPI's President, Mr Terry Coughlin, the company expects to market four or five of its own products through the same combination of strategies by calendar year 2006. The GPL's Managing Director and Chief Executive Officer, Mr Glenn Saldanha, said that the company was on course to filing eight to 10 abbreviated new drug applications (ANDA) from its own pipeline by March. The company plans to file about 12 to 14 ANDAs next year. Earlier this year, Glenmark had announced the purchase of two generic products from Clonmel Healthcare which will also be on the market before March 2006, a note from the company said.
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