MIRA
INFORM REPORT
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Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GLENMARK
PHARMACEUTICALS LIMITED |
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Registered
Office : |
B/2, Mahalaxmi
Chambers, 22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
18.11.1977 |
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Com. Reg. No.:
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11-19982 |
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CIN No.: [Company
Identification No.] |
L24299MH1977PLC019982 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMG07883B |
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Legal Form : |
Public Limited
Liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of
Business : |
Manufacturing and
Marketing of Pharmaceutical Products |
RATING &
COMMENTS
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MIRA’s Rating
: |
Aa |
RATING |
STATUS |
PROPOSED
CREDIT LINE |
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71-85 |
Aa |
Possesses
adequate working capital. No caution needed for credit transaction. It has
above average (strong) capability for payment of interest and principal sums |
Large |
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Maximum Credit
Limit : |
USD 12500000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company. It
is one of the fastest growing companies in pharmaceutical industry. Available information indicates high
financial responsibility of the company.
Trade relations are fair.
Payments are always correct and as per commitments. The company can
be considered good for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
B/2, Mahalaxmi
Chambers, 22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
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Tel. No.: |
91-22-24964893/24964894/24964895/24964896 |
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Fax No.: |
91-22-24932648 |
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E-Mail : |
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Website : |
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Administrative
Office : |
801-813, 8th
Floor, Mahalaxmi Chambers, 22m Bhulabhai Desai Road, Mumbai - 400026,
Maharashtra, India |
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Tel. No.: |
91-22-24964893 /
94/ 95/ 96/99 |
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Fax No.: |
91-22-24932648/24919652 |
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Divisional
Office : |
Located at :- v
Mumbai v
Delhi v
Ghaziabad v
Chennai v
Bangalore v
Hyderabad v
Kolkata v
Vadodara v
Patna |
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Corporate
Office : |
Gelnmark House,
HDO – Corporate Building Wing A, B D Sawant Marg, Chakala, Off Western
Express Highway, Andheri (East), Mumbai – 400 099, Maharashtra, India |
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Tel. No.: |
91-22-6758 9999 |
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Fax No.: |
91-22-6758 9986 |
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Email: |
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Website: |
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Factory : |
˜
E – 37, MIDC
Industrial Area, D-Road, Satpur, Nasik – 422 007, Maharashtra, India ˜
Plot No.
A-80, MIDC Area, Kurkumbh, Daund, Pune – 413 802, Maharashtra, India ˜
3109-C, GIDC
Industrial Estate, Ankleshwar-393002, Bharuch, Gujarat, India ˜
Plot No.
163-165/170-172, Chandramouli Industrial Estate, Mohol, Mohal Bazarpeth, Sholapur, Maharashtra –
413213 , India ˜
Plot No. 7,
Colvale Industrial Estate, Bardez, Goa, India ˜
Village
Kishanpura, Baddi Nalagarh Road, TEhsil Nalagarh, District Solan – 174101,
Himachal Pradesh, India ˜
Rua Assahi ,
33-1, Andar CEP 09633-0110, Rudge Ramos Sao Bernado Do Campo, Sao Paulo,
Brazil ˜
Medicamenta
A .S Fibichova 143, 566 17 Vysoke Myto, Czech Republic. |
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R & D
Centers : |
˜
Plot No.
C-152, MIDC Sinnar Industrial Area, Malegaon, Nasik District - 421 103,
Maharashtra , India ˜
Plot No.
A-607, TTC Industrial Area, MIDC, Mahape, Vashi, Navi Mumbai - 400 705,
Maharashtra , India] (Clinical Research
Centre) ˜
Plot No. D
-508, Ttc Industrial Estate, Midc Turbhe, Navi Mumbai – 400 705, Maharashtra,
India (Biotech Research Centre) ˜
Chemin De La
Combeta 5 2300 La Chaux De Fonds, Switzerland |
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Branches : |
˜
215/216,
Adhyaru Industrial Estate, Sun Mill Compounds, Lower Parel, Mumbai – 400 013,
Maharashtra, India Tel. No. : 91-22-24982172 ˜
No. 2,
Maharaja Surya Road, Alwarpet, Chennai – 600 018, Tamilnadu, India ˜
Plot No. 39,
Vasavinagar, Kharkana Main Road, Secunderabad – 500 015, Andhra Pradesh,
India ˜
13-14-15,
Bhargava Plaza, 4th N-Block, Rajaji Nagar, Dr. Rajkumar Road,
Bangalore – 560 010, Karnataka, India ˜
10/58, Kirth
Nagar Industrial Area, New Delhi – 110 015, India ˜
510,
Commercial Point, 79, Lenin Sarani, Kolkata – 700 013, West Bengal, India Tel. No. : 91-33-22449668 / 22467318 ˜
IBF
Warehousing Complex, Meerut Road, Ghaziabad – 201 001, Uttar Pradesh , India ˜
817-819,
Sidharth Complex, R. C. Dutt Road, Alkapuri, Vadodara – 390 007, Gujarat, India Tel. No. : 91-126-2337857 /
2342359 |
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Overseas
Office : |
v Glenmark Pharmaceutica LDA Lote 4 – 2 – DT, Qta Do Meio, Rua Combatentes Do Ultramar, 2675
Odivelas, Portugal v Glenmark Pharmaceuticals (Canada) Limited 2798, Thamesgate Dr., Unit 4, Mississauga, Ontario, Canada L4T 1T9 |
DIRECTORS
|
Name |
Mr. Gracias Saldanha |
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Designation |
Chairman |
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Age |
66 years |
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Address |
Flat No.2, Windemere Cooperative Housing Society Limited, 236-A,
Byramji Jeejibhoy Road, Bandra (West), Mumbai - 400 050, Maharashtra |
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Qualification |
M.Sc., DBM |
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Experience |
40 years |
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Date of
Employment |
1st December, 1977 |
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Previous
Employment |
Aristo Pharmaceuticals Private Limited |
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Other
Directorships |
· Glenmark Exports Limited, · Glenmark Research Laboratories Private Limited, · Glenmark Finlease Private Limited |
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Name |
Mrs. B. E. Saldanha |
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Designation |
Director – Exports |
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Age |
64 years |
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Address |
Flat No.2, Windemere Cooperative Housing Society Limited, 236-A,
Byramji Jeejibhoy Road, Bandra (West), Mumbai - 400 050, Maharashtra |
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Qualification |
B.Sc., B. Ed. |
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Date of
Appointment |
1st January, 1982 |
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Experience |
33 years |
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Previous
Employment |
Walsingham House School |
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Other
Directorships |
· Glenmark Exports Limited, · Glenmark Research Laboratories Private Limited, · Glenmark Finlease Private Limited |
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Name |
Mr. Glenn Saldanha |
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Designation |
Managing Director & Chief Executive Officer |
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Age |
34 years |
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Address |
Ivorick Apartments, Flat No.32, Third Floor, St. Cyril Road, Opp. St.
Andrew School Gate, Bandra (West), Mumbai - 400 050, Maharashtra |
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Qualification |
B. Pharm. / M.B.A. |
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Experience |
10 years |
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Date of
Appointment |
1st August, 1998 |
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Previous
Employment |
Pricewaterhouse Coopers (U.S.) |
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Other
Directorships |
GM Pharma Limited, Glenmark Organics Limited |
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Name |
Mr. Julio F. Ribeiro |
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Designation |
Director |
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Age |
73 years |
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Address |
51, Sagar Tarang, Worli Seaface, Worli, Mumbai - 400 025, Maharashtra |
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Qualification |
Ex-IPS |
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Other
Directorships |
IIT Corporate Services Limited |
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Previous
Employment |
· Ex-Commissioner of Police, Mumbai · Former Special Secretary to Government of India, · Ministry of Home Affairs · Former Director General of Police, Mumbai · Ex-Advisor to the Governor of Punjab · Ex-Ambassador of India to Rumania |
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|
Name |
Mrs. Cheryl Pinto |
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Designation |
Director- Corporate Affairs |
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Age |
37 years |
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Address |
Flat No. 6, Windemere Cooperative Housing Society Limited, 236-A,
Byramji Jeejibhoy Road, Bandra (West), Mumbai - 400 050, Maharashtra |
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Qualification |
B. Pharm |
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Experience |
11 years |
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Date of
Appointment |
1st August, 2000 |
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Other
Directorships |
Managing Director of Cheryl Laboratories Private Limited |
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Name |
Dr. Prasanna R. Gore |
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Designation |
Director |
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Age |
38 years |
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Qualification |
Ph.D. and M.S. in Pharmaceutical Marketing from University of West
Virginia, Morgantown and B.Sc. from University of Bombay |
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Experience |
11 years |
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Other
Directorships |
Elected Vice Chairman of the American Association of Pharmaceutical
Scientists - Economic, Management and Marketing Section for the year 2000. |
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Name |
Mr. Rajesh V. Desai |
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Designation |
Director- Finance/IT/Legal |
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Age |
46 years |
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Qualification |
Science Graduate and Chartered Accountant |
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Experience |
22 years |
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Name |
Mr. J. M. Trivedi |
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Designation |
Director (Non Executive) |
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Age |
49 years |
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Qualification |
B. Tech (Chemicals Engineering) form Indian Institute of Technology,
Mumbai and has a Diploma in Basic Finance from ICFAI. |
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Experience |
20 years |
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|
Name |
Mr. Abhinna Sundar Mohanty |
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Designation |
Director – Domestic Formulations |
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Age |
50 years |
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Qualification |
M. Sc., In-charge of Domestic Formulations |
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Experience |
27 years |
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Name |
Mr. Sridhar Gorthi |
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Designation |
Non Executive Director |
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Age |
31 years |
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Qualification |
BA, LLB (Hons) from National Law School of India University |
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Name |
Mr. Natvarlal B. Desai |
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Designation |
Non-Executive Director |
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Age |
76 years |
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Experience |
+ 45 years |
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Name |
Mr. M. Gopal Krishnan |
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Designation |
Non Executive Director |
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Age |
68 years |
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Experience |
25 years |
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Name |
Mr. Steven Bates |
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Designation |
Director |
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Name |
Dr. V Swaroop |
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Designation |
Head – New Drug Discovery |
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Name |
Mr. Terrance Coughlin |
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Designation |
President – US Operations and Head – API Sales |
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Name |
Mr. Ailton Wiliczinski |
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Designation |
Chief Executive Officer – Brazil Subsidiary |
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Name |
Mr. K Anand |
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Designation |
Senior Vice President – Regulatory Affairs and QA |
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Name |
Mr. Avdhut Sukhtankar |
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Designation |
Senior Vice President – Operations |
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Name |
Mr. Vithal Dhamankar |
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Designation |
Vice President – Semi Regulated Market (Formulations) |
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Name |
Mr. Arun Narayan |
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Designation |
Executive Vice President – EU Business |
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Name |
Dr. Vijay Soni |
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Designation |
Global Head – IPM |
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Name |
Mr. Alind Sharma |
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Designation |
Vice President – Human Resources |
KEY EXECUTIVES
|
Name : |
Mr. Marshall
Mendonza |
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Designation : |
Company Secretary |
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Name : |
Mr. Sanjay
Chowdhary |
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Designation : |
Assistant Company
Secretary |
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Name : |
Ms.
Vasudha Jha Glenmark
Pharmaceuticals Ltd. Tel:
Email:
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Designation : |
General
Manager, Corporate Communications |
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Tel. No.: |
91 –
22 - 40189919 |
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Fax No.: |
91 –
22 - 40189986 |
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Email: |
media@glenmarkpharma.com |
SHAREHOLDING
PATTERN
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Promoters |
65140512 |
54.87% |
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Resident
Individual |
17320525 |
14.59% |
Foreign Institutional Investor
|
23097210 |
19.46% |
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Bodies Corporate |
6243583 |
5.26% |
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Indian Financial Institutions/ Banks
|
2345701 |
1.98% |
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Mutual Funds |
2129060 |
1.79% |
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Non Resident
Indians / OCBs |
1202158 |
1.01% |
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Banks |
468808 |
0.39% |
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H.U.F. |
226037 |
0.19% |
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Employees |
200940 |
0.17% |
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Clearing Members |
200026 |
0.17% |
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Directors |
130500 |
0.11% |
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Trusts |
15200 |
0.01% |
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Overseas
Corporate Bodies |
500 |
0.00% |
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Total
|
118720760 |
100.00% |
BUSINESS DETAILS
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Line of
Business : |
Manufacturing and
Marketing of Pharmaceutical Products |
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Products : |
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Exports to : |
Africa, Russia,
Middle East, Asia and other countries |
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Imports from : |
Europe and Far
East |
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Terms : |
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Purchasing : |
L/C, D/A or D/P |
PRODUCTION STATUS (as on 31.03.2007):-
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Particulars |
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Unit |
Installed Capacity |
Actual Production |
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Injectibles |
|
Litres |
--- |
166574 |
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Liquid Orals |
|
Litres |
5595000 |
3237853 |
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Lotions and
externals |
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Litres |
450000 |
270868 |
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Ointments and
Creams |
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Kgs |
1093000 |
425015 |
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Solids and Powders |
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Kgs |
236000 |
82831 |
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Tablets and
Capsules |
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Nos |
1030000000 |
980935691 |
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Bulk Drugs |
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Kgs |
300000 |
90671 |
GENERAL
INFORMATION
|
Suppliers : |
v Alcap Containers Private Limited v Blown Enterprise v Corneilo Packaging v Joy Enterprise v K K AIu Foil v K Laminates v Manju Industrial Ancillaries v Print Paks (India) v Rajlaxmi Plastics v Super Label Manufacturing Company v Varsha Plast v Waxoils Private Limited v
Speciality
Caps v Aviditya Chemical Corporation v Plascap Industries v Mahesh Industry v Kraft-Pack Containers v Autofits v Crown Closures Private Limited v D M Printers v Servewell Printers v Pharma Plastics v Desicca Chemicals v Renuka Industries v Standard Packprints Private Limited v Eskay Packaging v Mahalsa Chemicals v Bina Packaging & Printers Private
Limited v Supreme Alutainers Private Limited v Agarwal ISPAT Udyog v Akshar Enterprises v Glindia Chemicals v Lifeline Drugs & Intermeduates Private
Limited v Dayaram Chemicals v Plastic pigments Private Limited v
Synthochem
Private Limited |
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No. of
Employees : |
1081 |
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Bankers : |
Bank of India Mahalaxmi Branch,
Mumbai – 400 026, Maharashtra |
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Facilities : |
Notes: 1. Term loan is
secured by way of exclusive charge as the case may be, at certain locations,
on Company's fixed assets both present and future. 2. Working
Capital Facilities from Bank are secured by Hypothecation of Stocks of raw
materials, packing materials, finished goods, work in progress, receivables
and equitable mortgage on fixed assets at the manufacturing facility at Nasik
and Research and Development centre at Sinnar, Nasik. 3. Other Loans
are secured by way of Hypothecation of certain Premises, Equipments and
Vehicles.
Notes: 1. FCCB Issue A) The Company
had issued 30,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000
each (Rs. 1.332 millions at issue) (i) Convertible
at the option of the bondholder at any time on or after 11th November, 2007
but prior to the close of business on 29th November, 2010 at a fixed exchange
rate of Rs. 44.94 per 1 USD and the price greater of 35% of the average of
the order book volume-weighted-average-price of a share on each Trading Day
during the period commencing on 10th September, 2007 and ending on 10th
November, 2007 and the Floor Price (Rs.317.25) of par value of Rs. 2 per
share. (ii) Redeemable
in whole but not in part at the option of the Company on or after 10th
January, 2010 if closing price of the share for each of the 25 consecutive
trading days immediately prior to the date upon which notice of such
redemption is given was at least 130% of the applicable Early Redemption
Amount divided by the Conversion Ratio. (iii) Redeemable
on maturity date on 11th January, 2011 at 139.729% of its principal amount if
not redeemed or converted earlier. The redemption premium of 39.729% payable
on maturity of the bond if there is no conversion of the bond to be debited
to Securities Premium Account evenly over the period of 5 years from the date
of issue of bonds. B) The Company
had issued 20,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000
each (Rs.873,200 at issue) (i) Convertible
at the option of the bondholder at any time on or after 28th March, 2005 but
prior to the close of business on 2nd January, 2010 at a fixed exchange rate
of Rs. 43.66 per 1 USD and price of Rs. 862.394 per share of par value of Rs.
2 per share subject to adjustment in certain events i.e. issue of
Bonus Shares, Division, Consolidation, Rectification of Shares, etc. (ii) Redeemable
in whole but not in part at the option of the Company on or after 15th
February, 2008 if closing price of the Share for each of the 25 consecutive
trading days immediately prior to the date upon which notice of such
redemption is given was at least 130% of the applicable Early Redemption
Amount divided by the Conversion Ratio. (iii) Redeemable
on maturity date on 16th February, 2010 at 133.74% of its principal amount if
not redeemed or converted earlier. The redemption premium of 33.74% payable
on maturity of the Bond if there is no conversion of the Bond to be debited
to Securities Premium Account evenly over the period of 5 years from the date
of issue of Bonds. During the year out of the above, 11,500 FCC Bonds of USD
1,000 each aggregating to USD 11.5 million were converted into 1,164,408
equity shares of Rs.2 each. C) The Company
had issued 50,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000
each (Rs. 2,183,000 at issue) (i) Convertible
at the option of the bondholder at any time on or after 15th November, 2006
but prior to the close of business on 2nd January, 2010 at a fixed exchange
rate of Rs. 43.66 per 1 USD and the price greater of 35% of the average of
the order book volume-weighted-average-price of a share on each Trading Day
during the period commencing on 15th September, 2006 and ending on 14th
November, 2006 and the Floor Price (Rs. 500) of par value of Rs. 2 per share. (ii) Redeemable
in whole but not in part at the option of the Company on or after 15th
February, 2009 if closing price of the share for each of the 25 consecutive
trading days immediately prior to the date upon which notice of such
redemption is given was at least 130% of the applicable Early Redemption
Amount divided by the Conversion Ratio. (iii) Redeemable
on maturity date on 16th February, 2010 at 134.07% of its principal amount if
not redeemed or converted earlier. The Redemption Premium of 34.07% payable
on maturity of the Bond if there is no conversion of the Bond to be debited
to Securities Premium Account evenly over the period of 5 years from the date
of issue of Bonds. 2. The Company
has availed of an interest free sales tax deferral loan under Part I of the
1983 and 1988 Package Schemes of the Government of Maharashtra, repayable
after twelve years in six half-yearly installments. |
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Banking Relations : |
Good |
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Auditors : |
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Name: |
Price Waterhouse Chartered Accountants |
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Address: |
Mumbai |
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Associates : |
˜
Glenmark
Pharmaceutica LDA, Lote 4 – 2 – DT, Qta Do Meio, Rua Combatentes Do Ultramar,
2675 Odivelas, Portugal ˜
Glenmark
Pharmaceuticals (Canada) Limited, 2798, Thamesgate Dr., Unit 4, Mississauga,
Ontario, Canada L4T 1T9 ˜
Cheryl
Laboratories Private Limited ˜
Blossom
Pharmaceuticals ˜
Glenmark
Research Laboratories Private Limited ˜
Glenmark
Organics Limited ˜
Glen Foods
Private Limited ˜
Glenmark
Finlease Private Limited |
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Subsidiaries : |
v
Glenmark
Dominicana S.A. v
Glenmark
Impex LLC, Russia v
Glenmark
Philippines Inc., Philippines v
Laboratorios
Klinger Do Brazil Ltda, Brazil [name changed as Glenmark Farmaceutica Ltda,
Brazil w.e.f. June 01,2005] v
Glenmark
Farmaceutica Ltda, Brazil [merged with Laboratories Klinger Do Brazil Ltda,
Brazil w.e.f. June 01, 2005] v
Glenmark
Organics Limited, India v
Glenmark
Exports Limited, India v
GM Pharma
Limited v
Glenmark
Pharmaceuticals lnc, U.S.A. v
Glenmark
Pharmaceuticals (U.K.) Limited, U.K. v
Glenmark
Pharmaceuticals Nigeria Limited , Nigeria v
Glenmark
Pharmaceuticals Sdn. Bhd., Malaysia v
Glenmark
Pharmaceuticals S.A., Switzerland v
Glenmark
Chemicals Inc., U.S.A. [upto September 27, 2005] v
Servycal SA,
Argentina v
Glenmark
Pharmaceuticals Pty. Limited, South Africa v
Glenmark
Pharmaceuticals [Australia] Pty. Limited, Australia v
Bouwer
Bartlett Pty. Limited, South Africa v
Glenmark
Impex LLC, Russia |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175000000 |
Equity Shares |
Rs. 2.00 each |
Rs. 350.000 millions |
|
4000000 |
Cumulative
Redeemable Non convertible Preference Shares
|
Rs. 100.00 each |
Rs. 400.000 millions |
|
|
Total |
|
Rs. 750.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120058108 |
Equity Shares |
Rs. 2.00 each |
Rs. 240.116 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
240.116 |
437.486 |
437.286 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
4261.473 |
2750.122 |
2429.774 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
4501.589 |
3187.608 |
2867.060 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1700.276 |
1418.318 |
1293.032 |
|
|
2] Unsecured
Loans |
7387.140 |
5868.404 |
3080.580 |
|
TOTAL BORROWING
|
9087.416 |
7286.722 |
4373.612 |
|
|
DEFERRED TAX
LIABILITIES |
762.283 |
468.522 |
386.111 |
|
|
|
|
|
|
|
TOTAL
|
14351.288 |
10942.852 |
7626.783 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
2769.132 |
2525.673 |
2093.010 |
|
Capital work-in-progress
|
1562.958 |
575.565 |
129.050 |
|
|
|
|
|
|
|
INVESTMENT
|
1390.955 |
435.648 |
264.564 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
25.287 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
2182.009 |
1388.916 |
1110.593 |
|
|
Sundry Debtors
|
4209.936 |
2827.924 |
1821.047 |
|
|
Cash & Bank Balances
|
113.882 |
891.570 |
1092.793 |
|
|
Other Current Assets
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances
|
3986.257 |
3402.554 |
1871.872 |
Total Current Assets
|
10492.084 |
8510.964 |
5896.305 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1857.123 |
1096.926 |
779.013 |
|
|
Provisions
|
6.718 |
8.072 |
2.420 |
Total Current Liabilities
|
1863.841
|
1104.998
|
781.433
|
|
Net Current Assets
|
8628.243 |
7405.966 |
5114.872 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
14351.288 |
10942.852 |
7626.783 |
|
PROFIT &
LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
8371.183 |
6184.362 |
5407.351 |
|
|
Other Income |
62.644 |
53.118 |
0.000 |
|
|
Total Income |
8433.827 |
6237.480 |
5407.351 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1708.168 |
853.009 |
869.353 |
|
|
Provision for Taxation |
360.125 |
179.969 |
234.546 |
|
|
Profit/(Loss) After Tax |
1348.043 |
673.040 |
634.807 |
|
|
|
|
|
|
|
Export Value
|
3191.421 |
1523.461 |
1301.355 |
|
|
|
|
|
|
|
Import Value
|
859.658 |
479.251 |
437.005 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
3605.215 |
3217.818 |
|
|
|
Selling & Operating Expenses |
2223.731 |
1603.471 |
|
|
|
Interest |
229.494 |
58.164 |
4537.998 |
|
|
Depreciation & Amortization |
234.575 |
174.848 |
|
|
|
Other Expenditure |
432.644 |
330.170 |
|
|
Total Expenditure |
6725.659 |
5384.471 |
4537.998 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
2629.500 |
2792.700 |
4335.800 |
|
Other Income |
10.800 |
16.900 |
22.600 |
|
Total Income |
2640.300 |
2809.600 |
4358.400 |
|
Total Expenditure |
1884.300 |
1824.700 |
2386.300 |
|
Operating Profit |
756.000 |
984.900 |
1972.100 |
|
Interest |
93.500 |
108.700 |
117.600 |
|
Gross Profit |
662.500 |
876.200 |
1854.500 |
|
Depreciation |
59.900 |
75.100 |
77.800 |
|
Tax |
60.000 |
99.300 |
319.300 |
|
Reported PAT |
485.900 |
638.600 |
1464.300 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
2.13 |
1.93 |
1.06 |
|
Long Term Debt-Equity Ratio |
1.27 |
1.54 |
0.88 |
|
Current Ratio |
1.75 |
2.82 |
2.74 |
|
TURNOVER RATIOS |
|||
|
Fixed Assets |
2.45 |
2.14 |
2.49 |
|
Inventory |
4.69 |
4.95 |
5.55 |
|
Debtors |
2.38 |
2.66 |
3.43 |
|
Interest Cover Ratio |
5.34 |
5.89 |
6.19 |
|
Operating Profit Margin(%) |
27.91 |
19.44 |
22.11 |
|
Profit Before Interest And Tax Margin(%) |
25.10 |
16.61 |
19.32 |
|
Cash Profit Margin(%) |
18.91 |
13.71 |
14.63 |
|
Adjusted Net Profit Margin(%) |
16.10 |
10.88 |
11.83 |
|
Return On Capital Employed(%) |
17.47 |
11.60 |
19.31 |
|
Return On Net Worth(%) |
35.81 |
23.31 |
25.53 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was
originally incorporated under the name and style of "Glenmark
Pharmaceuticals Private Limited" under the Companies Act, 1956 and became
a deemed public company on 1st July, 1990, then again became a
private company on 27th September, 1990. The word private was
deleted on 1st July, 1991 and became a public limited company on 12th
January, 1996.
Subject is engaged
in research and development, manufacturing and marketing of branded
formulations in India and abroad. The company figures among the 30 largest and
one of the fastest growing pharmaceutical companies in India with an annual
growth in excess of 33.4% (ORG_RSA) May 2001 MAT), compared to the industry
growth of 8.1%. It markets products in 27 countries with offices and field
forces in a number of these geographies.
The company came
out with a public issue in order to set up a manufacturing facility at Goa and
to set up a R and D centre at Mumbai by providing funds to GM Pharma, its
subsidiary.
The
company has entered into a new segment of obesity which helped in diversifying
its revenue streams. The company also plans to tap the huge generic opportunity
available in the international market. It intends to enter the generic market
in the US and other countries for which it established a 100% subsidiary,
Glenmark Laboratories (GLL).
The company had plans to discover new molecules in the asthma, obesity and
diabetes segments. Glenmark had successfully entered the Active Pharma
Ingredient (API) Business in the 4th quarter of 2001-02. For diabetes the
company had established a Healthe on division. Out of the 11 products
introduced during 2001-02, 4 of were introduced for the first time in India.
The 3 brands which were acquired from Lyka Labs is performing well and out of
that brands, Flucort (topical steroid) had provided Glenmark to penetrate the
steriod market, which is the largest market in dermatology where Glenmark did
not earlier have a presence.
In 2003, GPL has acquired Bulk Drugs manufacturing Plant from GlaxoSmithkline
Pharmaceuticals at Ankleshwar. But the company has sold its Verna Plant at Goa
along with the shares of Glenmark Laboratories Limited. Glenmark Laboratories
is no longer a Subsidiary of GPL after this divestment.
The company has installed Bulk drug facility for the first time during the
financial year 2003-04 and the newly installed capacity is 60000 Kg.
The company has entered into a collaboration agreement during March 2005 with
Shasun Chemicals and Drugs Limited for the joint development, filing and
marketing of twelve generic pharmaceutical products for the US market.
During 2004-05 the company has incorporated Glenmark Pharmaceuticals SA, a
wholly-owned subsidiary in Switzerland to help manage NCE clinical trials as
well as build research skills that complement R and D activities in India. The
company has acquired an API Manufacturing Unit at Ankleshwar, Gujarat.
In March 2005 the company has issued bonus equity shares to its equity
shareholders in the ratio of 1:1.
In 2006, The Company has set up a manufacturing facility at Baddi (H.P) for
manufacturing solid oral, liquid oral and semi-solids formulations, which was
commissioned from August 2005. The company plans to upgrade its facilities in
Ankleshwar and also commence pre-construction activities at its new API site in
Aurangabad (Gujarat). The company's Swiss Subsidiary acquired Bouwer Bartlett
Pty Limited., South Africa
The company has increased the installed capacity of Tablets and Capsules,
Liquid Orals and Ointments and Creams by 240000000 Nos. 2400000 ltrs and 1,
86,000 Kgs. respectively. With this expansion the total installed capacity of
Tablets and Capsules, Liquid Orals and Ointments and creams has increased to
810000000 Nos. 4875000 ltrs and 966000
Kgs. respectively.
Business
The company is engaged
in manufacturing and marketing of Pharmaceutical Products such as Orals,
Lotions and Externals, Tablets and Capsules, Solids and Powders, Ointments and
others and Pesticide Products such as Phorate 10% Gr., M.P.E.C, Neocidol,
Endosulfan 35% EC, Cypermethrin 10% EC, Cypermethrin 25% EC, Copper
Oxychloride, Basudin 20% EC, Dichlorvos 76% EC and Monocrotophos 36% and Others.
The company’s
formulations plant has spacious operational areas for different sections. Besides Oral Tablets, Capsules and Oral
Liquids Departments, there are facilities for manufacturing Topicals – Creams,
Lotions, Ointments and Powders. The
entire facility uses the latest world class technology.
The plant has been
awarded the WHO GMP Certificate as the facilities and operations fully conform
to the stringent WHO requirements in this respect.
The company has
three plants in Goa which manufactures Oral Solids (Tablets and Capsules),
Liquid Orals, Topicals (Creams, Lotions, and Ointments) and Liquid Externals
(Otic Drops). These Plants have
state-of-art equipments.
The company has a
team of 853 medical representatives and managers.
The company’s
products figures among the leaders in the dermatology and respiratory segments
in India. It possesses significant strength in internal medicine, gynaecology,
paediatric and ENT segments.
The company came
out with a public issue in order to set up a manufacturing facility at Goa and
set up a Research and Development Centre at Mumbai by providing funds to GM
Pharma, its subsidiary.
It has entered into
a new segment of obesity which helped in diversifying its revenue streams. The
company also plans to tap the huge generic opportunity available in the
international market. It intends to enter the generic market in the U.S.A. and
other countries for which it has established a 100% subsidiary, Glenmark
Laboratories (GLL).
The company had
plans to discover new molecules in the asthma, obesity and diabetes segments.
The company had successfully entered into the Active Pharma Ingredient (API) Business
in the 4th quarter of 2001-02. For diabetes the company had
established a Healtheon division. Out of the 11 products introduced during
2001-02, 4 were introduced for the first time in India. The 3 brands which were
acquired from Lyka Labs are performing well and out of that brands, Flucort
(topical steriod) had provided the company to penetrate the steriod market,
which is the largest market in dermatology where the company did not earlier
had a presence.
Set up a US
subsidiary which has singed a Joint Venture Agreement with Lannett Company
Inc., USA for distributing its products in the USA.
DIRECTOR REPORTS:
RESULTS OF
OPERATIONS:
The Company achieved consolidated Gross revenue of Rs.12515.34 million (Rs.7575.89 million) registering a growth of 65.20% over the previous year On standalone basis the company achieved a gross revenue of Rs.8371.18 million (Rs.6184.36 million), registering an increase of 35.36% over the previous year. The growth is mainly attributed to the entry into new markets, addition of now products/extension of product in the existing markets.
PROFITS:
The Consolidated operating profit before interest, depreciation and tax
increased to Rs.4419.850 millions from Rs.1500.260 millions, an increase of
195% over the previous year. The Standalone operating profit before interest,
depreciation and tax increased to Rs.2172.23 million from Rs.1086.02 million,
an increase of 100% over the previous year.
OPERATIONS:
FORMULATION BUSINESS:
Domestic Marketing:
Domestic sales at Rs. 4289.72 million (Rs. 3936.80 million) registered an increase of 9% over the previous year. The Company launched several new products and line extensions across its eight retail divisions to strengthen its portfolio during the year.
The Company registered a value growth of 20.9%, vis-a-vis that of the industry
(14.3%) (ORG MAT March '07).
USA/North America:
Glenmark Pharmaceuticals Inc., U.S.A., the US subsidiary completed its second year post the launch of its commercial sales front end for the US market and posted revenues of Rs.2207.520 million (Rs.571.910 million) registering an increase of 286% over the previous year.
Glenmark has now 19 products in the US market.
Latin America:
Glenmark from its Latin American operations, comprising Glenmark Farmaceutica Limiteda. (Brazil), Servycal (S.A.), (Argentina) and other Latin American Markets, posted revenues of Rs.1420.650 million (Rs.764.390 million) registering an increase of 86% over the previous year.
Semi Regulated Market:
Glenmark's revenue from the semi regulated markets was Rs.1883.970 million (Rs.1056.170 million) registering an increase of 78% over the previous year.
This year the company has commenced operations in nine now countries and now
markets its products in more than 85 countries globally.
Europe:
The Company has filed for registration of three products in Europe and has
also concluded a couple of Pan European partnerships for these products.
Manufacturing:
During the year, Glenmark's new manufacturing facility at Baddi became
fully operational. In addition, the plant was upgraded with a lotion line and
an additional ointment line during the year. The production achieved from the
facility was satisfactory.
The Company also commissioned oncology solid dosage products manufacturing
facility in Kundiam, Goa. The oral dosage facility of the Company's
manufacturing plant for regulated markets in Colvale, Goa was expanded in line
with US FDA guidelines and GMP requirements.
ACTIVE PHARMACEUTICAL INGREDIENTS
(API):
Revenues from the API and co-marketing business amounted to Rs.1318.360 million (Rs.980.990 million) registering an increase of 34% over the previous year.
Domestic:
Revenues from the domestic API and co-marketing business amounted to
Rs.640.780 million (Rs.491.160 million) recording an increase of 30.46% over
the previous year.
International:
Revenue from sales of API to regulated and semi-regulated markets globally
were Rs.677.580 Million (Rs. 489.830 Million) registering an increase of 38.32
% over the previous year.
Manufacturing:
The API facility in Ankleshwar received approval from MHRA (the UK
regulatory authority). The Ankleshwar facility has been upgraded to increase
capacity to meet growing demands.
The Company filed 11 USDMFs, 3 canadian DMFs, 8 EDMFs (European DMFs) and 5
CEPs(Certificate of European Pharmacopoeia) during the year.
RESEARCH AND DEVELOPMENT:
Glenmark's lead molecules, Orilemilast (development
partners-Forest Laboratories Inc., and Toijin Pharma Limited.,) and GRC 8200
(development partner -Merck KGaA) continue to progress well in their Phase II
clinical trials.
Glenmark's molecule GRC-6211 has entered into phase 11 clinical trials and
other molecules (GRC-10801, GRC 10693 and GFIC 4039) are satisfactorily
progressing in pre-clinical and clinical stages.
Glenmark Pharmaceuticals S.A., the Swiss subsidiary and Dyax Corp. entered into
a funded research agreement for the discovery of therapeutic antibodies in
March 2007.
The
company is in trade terms with:-
·
K. Laminates
·
Kraft-Pack
Containers
·
Autofits
·
Servewell
Printers
·
Pharma
Plastics
·
Carewell
Printers Private Limited
The company’s fixed assets of important
value include :-
· Freehold and Leasehold Land,
· Factory Building,
· Other Premises,
· Plant and Machinery,
· Furniture and Fixtures,
· Equipments,
· Vehicles and Brands.
WEBSITE DETAILS:
Management
Discussion and Analysis for Third quarter of the Financial Year 2007 – 08 Ended
31st December, 2007
Revenue Figures – Consolidated
[Rs. in millions]
|
Particulars |
Quarter 3 |
9 Month |
||||
|
|
2007-08 |
2006-07 |
Growth % |
2007-08 |
2006-07 |
Growth% |
|
Generic
Business |
|
|
|
|
|
|
|
US |
2040.76 |
835.29 |
144.32% |
3677.70 |
1404.17 |
161.91% |
|
Latin America (Argentina) |
90.15 |
83.62 |
7.82% |
249.71 |
209.70 |
19.08% |
|
API |
547.50 |
390.05 |
40.37% |
1368.47 |
962.43 |
42.19% |
|
Total
Generics Business (A) |
2678.41 |
1308.96 |
104.62% |
5295.88 |
2576.30 |
105.56% |
|
|
|
|
|
|
|
|
|
Speciality
Business |
|
|
|
|
|
|
|
Latin America (Brazil and Others) |
519.95 |
208.42 |
149.48% |
1484.84 |
535.10 |
177.49% |
|
Semi Regulated Markets (SRM) |
521.71 |
425.37 |
22.65% |
1513.11 |
1334.16 |
13.41% |
|
Europe |
123.90 |
--- |
--- |
285.09 |
--- |
--- |
|
India |
1213.90 |
1123.36 |
8.06% |
3912.66 |
3093.08 |
26.50% |
|
Speciality
Formulation (1) |
2379.46 |
1757.14 |
35.42% |
7195.70 |
4962.34 |
45.01% |
|
Out
Licensing Revenues (2) |
1792.90 |
1395.12 |
28.51% |
1792.90 |
1395.12 |
28.51% |
|
Speciality
Business ( b = [1+2] ) |
4172.36 |
3152.27 |
32.36% |
8988.60 |
6357.46 |
41.39% |
|
Consolidated
Revenues [a +b] |
6850.77 |
4461.23 |
53.56% |
14284.48 |
8933.76 |
59.89% |
Review of
Operations for the Third quarter of the
Financial Year
2007- 08
During the third
quarter of FY2008, Glenmark’s consolidated revenues increased to Rs. 6850.77 Mn
[USD1 169.36 Mn] against Rs. 4461.23 Mn [USD2 99.14 Mn] for the third quarter
of the previous year, recording a growth of 53.56%. Revenues from Generics business
that the Company intends spinning off into a 100% subsidiary and subsequently
listing in Q1FY09 were Rs. 2678.41Mn (USD 66.22 Mn ), as against Rs. 1308.96 Mn
(USD 29.09 Mn ) which was reported in the same quarter of previous year,
registering a growth of 104.62%. The Speciality business (including out
licensing revenues) that will continue to be a part of GPL, had revenues of Rs.
4172.36 Mn ( USD
103.15 Mn) as against Rs. 3152.27 Mn (USD 70.05 Mn) for the quarter of the
previous year, recording a growth of 32.36%.
Consolidated
profits for the third quarter of FY 08 increased to Rs. 2800.19 Mn [USD 69.23
Mn] from Rs. 1889.82 Mn [USD 42.0 Mn] for the previous year, an increase of
48.17%. Whereas Management estimation for profit from Generics business is Rs.
892.80 Mn [USD 22.07 Mn] and from Speciality Business (including out licensing
revenues) is
Rs.1907.39 Mn [USD 47.15 Mn ] for the quarter.
Generics Business
USA Formulations
Glenmark
Pharmaceuticals Inc., U.S.A. [GPI], Glenmark’s wholly owned US subsidiary
posted revenues of Rs. 2040.76 Mn [USD 50.45 Mn] for the third quarter of FY 08
against revenues of Rs. 835.29 Mn [USD 18.56 Mn] registering an increase of
144.32 % over the third quarter of the previous year.
The Company
received two (2) ANDA approvals in Q3 of FY08. In this, one was 180 day shared
exclusivity to market product for the first generic version of Trileptal
(Oxcarbazepine), and the second was Pravastatin 80 mg. In addition, Glenmark
filed five (5) ANDA’s during Q3 which brings it FY08 total to 19 (14 internal/
5 external).
Glenmark is well
on track to file over thirty (30) ANDA’s in FY 08 with over twentyfive (25)
being done internally. Also, in Q3 FY 08 Glenmark was sued in association with
its ANDA that was filed for TARKA with the United States Food and Drug
Administration (FDA) seeking regulatory approval to market a generic version of
various strengths of the Trandolapril/verapamil HCl combination product which
included a paragraph IV certification with respect to patent listed by “Abbott”
in the FDA “Orange Book.” Glenmark believes it is the first and only applicant
to have filed an ANDA for this product with a paragraph IV certification. The
Company now has a portfolio of over 23 generic products for the US market and
has over 40 ANDAs in the US FDA approval process. Glenmark anticipates
launching at least an additional five (5) products yet this fiscal year
bringing it’s total to over
28 products on the
US Generic market.
Further, Potential
first to file Para 4 challenges filed by Glenmark includes Ezetimibe,
Trandolapril +Verapamil Hydrochloride, Atomoxetine Hydrochloride, Desloratadine
and Rosuvastatin Calcium. If successful, Glenmark could be the only company to
have the 180 day exclusivity on Ezetimibe and Trandolapril + Verapamil
combination.
Further a signed consent judgment has been submitted to the court for
Desloratadine in Schering Case converting Para IV application to P III
EU Formulations:
Glenmark’s EU
generic operations have been initiated 2 years ago. Till date Glenmark has
filed 5 MAA and would file another 1 before the end of FY 08.
Glenmark has a
total of 27 products under development that would be filed in the coming years.
Glenmark has signed 6 dossier partnerships with various EU companies.
Glenmark also received
its first marketing authorization in EU with the approval of Perindopril
tablets in Netherlands. Glenmark expects Approvals for Perindopril in other EU
countries shortly.
Mylan (Merck
Generics):
Glenmark’s co
development deal on 4 dermatological product continues to progress well. The
third co-development product was submitted to the EU authorities in Q3 FY08.
The Company
received approvals in relation to GMP from EU inspectorates for its
manufacturing sites in India for finished product and for active substances
that are destined for the EU, in the last year.
Argentina Oncology
Business:
In Argentina,
Glenmark filed one dossier and launched Letrozole 2,5 mg tablet in Q3 FY08. In
the next quarter, Glenmark plans to file six dossiers and launch Bicalutamide
150mg tab. The Company is on track for acheiving the targets for FY 08.
Glenmark’s
revenues from Argentina operations, were Rs. 90.15 Mn [USD 2.23 Mn] in the
third quarter of 2007-08 against Rs. 83.62 Mn [USD 1.86 Mn] for the third
quarter of the previous year reflecting an increase of 7.82%.
Active
Pharmaceutical Ingredients [API] International
Revenues from sale
of API to regulated and semi-regulated markets globally were Rs. 313.54 Mn [USD
7.75 Mn] for Q3 FY 08 against Rs. 215.75 Mn [USD 4.79 Mn] for Q3 of the
previous year, recording an increase of 45.33%.
Domestic
Revenues from the
domestic API and co-marketing business amounted to Rs. 233.96 Mn [USD 5.78 Mn]
in Q3 FY 08 against Rs. 174.30 Mn [USD 3.87 Mn] for Q3 of the previous year,
recording an increase of 34.23%.
Glenmark has filed
6 DMF’s to date and is expected to file another 3-6 yet this year.
Specialty
Business:
ROW Markets:
Latin America
Glenmark’s
revenues from its Latin American operations, comprising Glenmark Farmacêutica
Limiteda [GFL], the wholly owned Brazilian subsidiary of Glenmark and
commercial operations in 10 other Latin American countries, were Rs. 519.95 Mn
[USD 12.85 Mn] in the third quarter of 2007-08 against Rs. 208.42 Mn [USD 4.63
Mn] for the third quarter of the previous year reflecting an increase of
149.48%. In Latin America, 10 dossiers were filed with ANVISA, Brazil. 30
products were launched in Q3FY08 - seven in the Dominican Republic, six in
Peru, nine in Ecuador and eight in Venezuela. The target for the year was to
launch 85 dossiers for filings and receive 55 approvals, and Glenmark is on
track to achieve this target.
In Brazil, two
branded generics products – Docetaxel and Irinotecan were launched in this
quarter. Glenmark has received 11 product registrations so far and is on track
to achieve its target.
Semi Regulated
Markets (Africa, Asia and CIS)
Revenues from the
export of branded formulations increased to Rs. 521.71 Mn [USD 12.90 Mn] in the
third quarter of FY 08 against Rs. 425.37 Mn [USD 9.45 Mn] for the third
quarter of the previous year, recording a growth of 22.65%.
Glenmark filed 93
products in the second quarter and obtained registrations for 58 formulation
products in several of its export markets. Glenmark has adopted differentiated
product strategy in Russia and the focus is on developing brands in niche
segments of dermatology, pulmonology, gynecology and gastroenterology. The
company actively promotes its products to the target specialties through its
own field force. According to the latest IMS retail audit, for MAT Sep2007, the
company was ranked 110 in the market, growing at 38.4%
compared to a
market growth of 21.4%.
During this time
the company received approval for four new products Klenzit, Klenzit C, Momate
Cream and Momate Ointment. These products are going to be launched at the end
of next quarter. In Q3 FY 08, Glenmark saw five new registrations in Nigeria
for the anti-ineffective and repiratory segments, while there were seven new
registrations in Kenya for Oncology.
India
Glenmark’s
formulation business in India increased to Rs. 1213.90 Mn [USD 30.01 Mn] in the
third quarter of FY 08 against Rs. 1123.36 Mn [USD 24.96 Mn] in the previous
year, recording a growth of 8.06%. The Company registered a value growth of
19.7%, vis-à-vis that of the industry [13.7%]
[ORG Nov 2007]. Eight products were launched in the third quarter.
Europe
Medicamenta,
Glenmark’s wholly owned subsidiary, posted revenue of Rs.123.90 mn (USD 3.06mn)
for the third quarter of 2007. Glenmark plans to use the manufacturing site at
Medicamenta, in Czech Republic, as a central site for its European quality
release, warehousing and distribution centre. Work is ongoing to develop the
facility in accordance with these requirements.
Research and
Development
Glenmark today has
a pipeline of 11 NCE and NBE molecules in the pipeline, with three molecules in
Phase II clinical development.
NCEs:
Oglemilast:
GRC 3886:
USFDA has provided
a favorable response to the submission made by Forest, allowing it to initiate
an additional Phase II study in COPD for Oglemilast (GRC 3886), Glenmark’s lead
PDE4 inhibitor molecule. The approval came after Forest satisfactorily
addressed FDA’s outstanding non-clinical questions. Glenmark is working closely
with Forest Labs, which is Glenmark’s North American partner for Oglemilast, to
detail out plans for further longer term development, Glenmark views this as an
important positive step in continuing overall clinical development of
Oglemilast
Melogliptin (GRC
8200):
Glenmark had
out-licensed Melogliptin to Merck KGAA in October 2005. The drug has completed
Phase 2A studies and is currently undergoing Phase 2B studies. Glenmark plans
to complete all Phase 2’s on Monotherapy by the end of calendar 2008 and would
initiate Phase 3’s in early 2009. Glenmark also plans to develop Melogliptin in
combination with various other diabetes therapies.
Merck recently
announced that it plans to move out of the diabetes space for strategic
reasons. In light of this development Glenmark is currently in discussions with
Merck to find the best way forward. A final decision on the next steps would be
announced shortly.
GRC 6211:
Glenmark
Pharmaceuticals S.A. (GPSA) a wholly owned subsidiary of Glenmark
Pharmaceuticals Limited India (GPL), has out licensed its molecule GRC 6211 to
Eli Lilly and Company. Under the terms of the agreement, Lilly will acquire the
rights to a portfolio of transient receptor potential vanilloid sub-family 1
(TRPV1) antagonist molecules, including a clinical compound, GRC 6211. GRC 6211
is currently in early clinical Phase II development as a potential
next-generation treatment for various pain conditions, including osteoarthritic
pain.
As per the terms
of the agreement, Glenmark has received an upfront fee of $45 million and could
receive up to an additional $215 million in potential development and sales
milestones for the initial indication, as well as royalties on sales if GRC
6211 is successfully commercialized. If other indications are successfully
developed, Glenmark would be entitled to additional milestones up to $90
million. Lilly will have marketing rights for North America, Europe and Japan,
while Glenmark will retain the marketing rights in all other countries. Further
Glenmark will have the right to copromote GRC 6211 in the United States.
GRC 4039:
Glenmark’s
candidate for Rheumatoid Arthritis, Inflammation and Multiple Sclerosis - GRC
4039, a PDE 4 inhibitor, will commence Phase I trials in the coming quarters.
GRC 10693 and GRC
10801
Glenmark has two
more molecules in advanced pre-clinical stages. Glenmark plans to move GRC
10693 and GRC 10801 into Phase 1 in the coming quarters..
Biologics
Glenmark
Pharmaceuticals S.A., the wholly-owned Swiss subsidiary of Glenmark
Pharmaceuticals Limited. (Glenmark) is developing its pipeline for NBE’s
focusing on oncology and inflammatory disorders.
GBR 500:
GBR 500 (formerly
CHR 1103), a broad anti inflammatory agent with a novel mechanism of action, is
undergoing IND enabling studies and is on course for IND submission by mid
2008.
GBR 600:
GBR 600 (formerly
CHR 1201), an antithrombolytic humanized monoclonal antibody is showing good
results in pre-clinical testing and is being scaled up for further IND enabling
studies.
Glenmark-Dyax
collaboration:
Glenmark’s other
NBE programs which are being run in collaboration with Dyax are also
progressing as per schedule.
Disclaimer
This document has
been prepared by Glenmark Pharmaceuticals Limited. The information, statements
and analysis made in this document describing company’s objectives, projections
and estimates are forward looking statements and progressive within the meaning
of applicable Security Laws and Regulations. The analysis contained herein is
based on numerous assumptions. Actual results may vary from those expressed or implied
depending upon economic conditions, government policies and other incidental
factors. No representation or warranty, either expressed or implied, is
provided in relation to this presentation. This presentation should not be
regarded by recipients as a substitute for the exercise of their own judgment.
PRESS RELEASES
Glenmark’s
molecule for Rheumatoid Arthritis - GRC 4039, enters Phase I trials
Mumbai, February
21, 2008 – Glenmark Pharmaceuticals Limited. [Glenmark] announced today that its
candidate for Rheumatoid Arthritis, Inflammation and Multiple Sclerosis - GRC
4039, has entered Phase I trials. This is with approval from the Medicines
and Healthcare Products Regulatory Agency [MHRA] in the U.K. The company
intends to develop GRC 4039, a PDE 4 inhibitor, in Rheumatoid Arthritis as the
primary indication. Glenmark expects to complete Phase I trials for GRC 4039 by
October 2008 and initiate Phase II by January 2009.
GRC 4039, a
selective PDE4 inhibitor is intended for rheumatoid arthritis [RA] and
inflammatory disorders. After the withdrawal/setback of COX-2 Inhibitors and
the void that exists in RA therapy for orally available potent small molecules,
this is a potential block-buster opportunity in the global market. Speaking on
this development, Mr. Glenn Saldanha, MD and CEO, Glenmark Pharmaceuticals
Limited., said, “We are happy to take GRC 4039 forward into Phase I trials.
This is Glenmark’s fourth molecule to enter the clinics from our pipeline of
eight NCEs and NBEs, and demonstrates our steady progress in the drug discovery
space. RA has been selected as the primary indication for its commercial
attractiveness, the unmet medical need for potent and convenient oral therapies
and
the sound
biological rationale for PDE-4 inhibitor–based treatment in RA.”
GRC 4039 in pre-clinical
testing has exhibited IC50 of 2.7nM; over 3700 fold selectivity to PDE4, good
bioavailability across species and a long half-life indicating the potential
for a once-daily dosing regimen. Additionally, there was no emesis in the
pre-clinical models. The molecule demonstrated favourable results in early
toxicology studies, a good safety margin and also exhibited good efficacy in in-vivo
RA and TNF- α
inhibition models.
RA is a
debilitating disorder with significant unmet need and attractive market
dynamics. Approximately 1% of the global population is thought to be affected
by the disorder, a systemic autoimmune disease that usually causes progressive
symmetrical inflammation and damage of the joints by destroying the particular
surfaces covering the bones. One in three RA patients is likely to be disabled
within 20 years of disease onset due to rapid disease progression. Onset often
occurs between the ages of 25 and 50 years and is two to three times more
prevalent in
women than in men.
About
Glenmark
Glenmark
Pharmaceuticals Limited. is a research-led, global, fully integrated
pharmaceutical company headquartered in Mumbai, India. The Company is a leader
in India in the discovery of new molecules and is focused in the areas of
inflammation [Asthma/COPD, etc] and metabolic disorders [Diabetes, Obesity,
etc]. The Company has generic formulation and API business interests in over 80
countries across the world including the highly regulated markets of USA and
Europe. The formulation business spans several product segments such as
Dermatology,
Internal
Medicine, Paediatrics, Gynaecology, ENT, Cardiology, Diabetes and Oncology.
Glenmark’s
first Asthma/COPD molecule, Oglemilast [GRC 3886], was licensed out to Forest
Laboratories and Teijin Pharma Limited for the North American and Japanese
markets, respectively, in two landmark deals. Oglemilast is presently
undergoing Phase II clinical trials in the US. The Company’s second lead GRC
8200, a DPP-IV inhibitor for Type II Diabetes was out-licensed to Merck KGaA,
Germany for the North American, European and Japanese markets. A third molecule
targeting pain, GRC 6211, is undergoing Phase II clinical trials in Europe.
Glenmark has three other programmes across obesity, inflammation and pain
management at the pre-clinical stages; all of which should enter the clinics in
by H1 FY 2008.
[www.glenmarkpharma.com]
Glenmark posts for Q3 FY07
consolidated revenue growth of 118% and consolidated profits of Rs. 1889.2
million
Mumbai, January 23, 2007: Glenmark Pharmaceuticals
Limited, the research-led global and integrated pharmaceutical company, has
posted gross [total] consolidated revenues of Rs. 4461.22 Mn [USD1 99.13
Mn] for the third quarter of the financial year 2006-07 ended December 31, 2006
and a growth of 118% compared to the corresponding period of the previous year.
Consolidated profits for the quarter were Rs. 1889.82 million [USD 42.00 Mn];
while the net profit from the base business [net of milestones] stood at Rs.
615.93 Mn [USD 13.69 Mn].
Formulations: In the period under review,
Glenmark’s US business posted revenues of Rs. 835.29 Mn [USD 18.56 Mn],
registering an extensive growth of 401% over the third quarter of the previous
year. The Company’s Latin American operations, comprising Glenmark Farmacêutica
Limiteda and Servycal S.A., posted revenues of Rs. 292.03 Mn [USD 6.49 Mn] for
Q3, reflecting an increase of 116%. Exports of branded formulations brought in
revenues of Rs. 425.37 Mn [USD 9.45 Mn], and a growth of 31% over the previous
year. Revenues from the Indian formulations’ segment registered an increase of
8%; Rs. 1123.36 Mn [USD 24.96 Mn].
API: The API business [international
and domestic] for the quarter registered a growth in revenues by 3% to Rs.
390.05 Mn [USD 8.67 Mn] over Q3 in FY 2006.
Drug Discovery: Oglemilast [a PDE4 inhibitor],
Glenmark’s lead molecule for asthma/COPD has completed the exercise-induced
asthma trial on the compound and is expecting the top line results shortly. Its
development partner, Forest Laboratories, would be undertaking Phase 2B
clinical testing after responding to the FDA’s questions. The Company is
currently in the process of evaluating several European partners for Oglemilast
to develop and market the drug in Europe.
Further to signing a EUR 190 Mn
deal with Merck KGaA, Germany for the development, registration and
commercialization of GRC 8200, Glenmark’s DPP-IV inhibitor for treating Type II
Diabetes, earlier in Q3, the Company received the upfront payment of EUR 25 Mn
from its partner towards the end of the same quarter. The molecule is currently
in Phase 2 clinical testing in India and South Africa.
Glenmark’s third molecule, GRC
6211, a vanilloid receptor [VR1] antagonist compound for a range of pain
indications entered Phase 1 trials; conducted by Kendle, a leading global CRO.
The Company hopes to complete Phase 1 by June 2007 and the dental pain study by
October 2007; it aims to be an early launcher in this class and targets
launching the molecule in 2011. Glenmark is also in discussions for potential
licensing partners for this compound.
Glenmark has three more
molecules in the pre-clinical stages and plans to take one of them, GRC 10801
[a CB1 antagonist for obesity], to the clinics by March-April 2007. The
Company
expects 2 more molecules, GRC 10693 [CB2 agonist for pain] and GRC 4039 [PDE4
for Rheumatoid Arthritis] to progress to Phase 1 in Q1 and Q2 of FY08
respectively. Thus Glenmark expects to have 6 molecules in the clinics by next
year.
Glenn
Saldanha, Managing Director and CEO of Glenmark said: “They remain committed to
NCE research and are confident of achieving the aggressive targets they have
set out: they currently have three molecules undergoing clinical trials and
three more poised to enter the clinics over the next six to eight months. On
the generics and branded generics front, they are happy with the buoyant growth
shown by their US and Latin American businesses and they expect them to
contribute significantly to the overall revenues.”
Glenmark
receives US FDA approval for Terbinafine Hydrochloride tablets
Mumbai,
July 3, 2007: Glenmark Pharmaceuticals Limited. [Glenmark], a
research-based pharmaceutical company, headquartered in Mumbai (India), has
received final approval from the U.S. Food and Drug Administration for its
Abbreviated New Drug Applications (ANDAs) for Terbinafine Hydrochloride
Tablets, 250 mg (base).
It is
the AB-rated generic equivalent of Novartis's anti-fungal Lamisil® tablets with
annual sales of over USD 650 million (IMS-Dec 2006) in the US.
Glenmark
is manufacturing the finished dose formulation at its USFDA approved
manufacturing facility in Goa, India. Glenmark’s US subsidiary, Glenmark
Pharmaceuticals Inc., USA [GPI] will start marketing the product in the US.
With
this approval, GPI now has a portfolio of 19 generic products for the US market
and has over 35 ANDAs undergoing US FDA approval process/launch.
About
Glenmark Pharmaceuticals Inc., USA [GPI]
Glenmark’s
US subsidiary, Glenmark Pharmaceuticals Inc., USA [GPI], was established in
2003 to enter into the world's largest pharmaceutical market. GPI is
responsible for sales and marketing of generic drug formulations in the USA as
well as APIs to customers in the regulated markets. GPI closed last Fiscal year
with sales of USD 50 Mn from its formulations business.
About
Glenmark
Glenmark
Pharmaceuticals Limited. is a research-led, global, fully integrated
pharmaceutical company headquartered in Mumbai, India. The Company is a leader
in India in the discovery of new molecules and is focused in the areas of
inflammation [Asthma/COPD, etc] and metabolic disorders [Diabetes, Obesity,
etc].
The
Company has generic formulation and API business interests in over 80 countries
across the world including the highly regulated markets of USA and Europe. The
formulation business spans several product segments such as Dermatology,
Internal Medicine, Paediatrics, Gynaecology, ENT, Diabetes and Oncology.
Glenmark’s first Asthma/COPD molecule, Oglemilast [GRC
3886], was licensed out to Forest Laboratories and Teijin Pharma Limited for
the North American and Japanese markets, respectively, in two landmark deals.
Oglemilast is presently undergoing Phase II clinical trials in the US. The
Company’s second lead GRC 8200, a DPP-IV inhibitor for Type II Diabetes was
out-licensed to Merck KGaA, Germany for the North American, European and
Japanese markets. A third molecule targeting pain, GRC 6211, is undergoing
Phase II clinical trials in Europe. Glenmark has three other programmes across
obesity, inflammation and pain management at the pre-clinical stages; all of
which should enter the clinics in by H1 FY 2008.
Glenmark purchases
rights to two therapeutic antibodies from Chromos
Mumbai, India and
Burnaby, British Columbia, Canada July 19, 2007 – Glenmark
Pharmaceuticals S.A., the wholly-owned Swiss subsidiary of Glenmark
Pharmaceuticals Limited. (Glenmark) and Chromos Molecular Systems Inc.
(Chromos) (TSX:CHR) of British Columbia, Canada, announced today that they have
completed the purchase by Glenmark of Chromos’ two New Biological Entities
(NBE’s) CHR-1103 and CHR-1201. The two NBE’s are humanized monoclonal
therapeutic antibodies. Under the terms of the transaction agreements between
Glenmark and Chromos, Glenmark has purchased all rights to the two products as
well as rights to use Chromos’ proprietary ACE System technology for cell line
development for use with respect to CHR-1103 and CHR- 1201. Glenmark holds the
worldwide rights for further development, registration and commercialization of
these products. Financial terms of the transaction are not to be released.
CHR-1103 and CHR-1201 are part of a validated class of drugs known as SAMI’s
(selective adhesion molecule inhibitors) that includes such drugs as ReoPro
(Centocor/Lilly), Raptiva (Genentech/Xoma) and Tysabri (Biogen/Elan). CHR-1103
is a broad anti inflammatory agent with a novel mechanism of action, being
developed initially to treat acute multiple sclerosis, for which there is no
treatment approved at present. Glenmark plans to initiate Phase I clinical
trials in 2008 and complete Phase 1 on CHR-1103 by March 2009. CHR-1201 is an
anti-thrombolytic humanized monoclonal antibody, which Glenmark plans to
develop initially to treat acute stroke. Glenmark plans to start Phase I on
CHR-1201 by March 2009. On this occasion, Glenn Saldanha, Managing Director and
CEO of Glenmark Pharmaceuticals Limited., stated, “This is a very important
addition to our pipeline of Novel Biological Entities. These two NBE’s would
help accelerate our pipeline in the biologics space.” Michael Buschle,
President – Biologics at Glenmark Switzerland said, “These therapies hold a lot
of promise in areas of high unmet medical need and also fit very well within
our areas of focus. We are delighted with the addition of these two highly
exciting molecules to our rapidly expanding pipeline”. "We share
Glenmark's enthusiasm for these antibodies, and are pleased that these
therapies will be moved forward with the support of Glenmark's outstanding
infrastructure and personnel" said Alistair Duncan, President and Chief
Executive Officer of Chromos. As part of Chromos’ on-going restructuring
proceedings under the Bankruptcy and
Insolvency Act, the Supreme Court of
British Columbia in Bankruptcy has approved this transaction. The upfront
proceeds from this purchase transaction will be used to repay Chromos’ secured
creditors.
About
Glenmark
Glenmark
Pharmaceuticals Limited. is a research-led, global, fully integrated
pharmaceutical company headquartered in Mumbai, India. The Company is a leader
in India in the discovery of new molecules and is focused in the areas of
inflammation [Asthma/COPD, etc] and metabolic disorders [Diabetes, Obesity,
etc]. The Company has generic formulation and API business interests in over 80
countries across the world including the highly regulated markets of USA and
Europe. The formulation business spans several product segments such as
Dermatology, Internal Medicine, Paediatrics, Gynaecology, ENT, Diabetes and
Oncology. Glenmark’s first Asthma/COPD molecule, Oglemilast [GRC 3886], was
licensed out to Forest Laboratories and Teijin Pharma Limited for the North
American and Japanese markets, respectively, in two landmark deals. Oglemilast
is presently undergoing Phase II clinical trials in the US. The Company’s
second lead GRC 8200, a DPP-IV inhibitor for Type II Diabetes was out-licensed
to Merck KGaA, Germany for the North American, European and Japanese markets. A
third molecule targeting pain, GRC 6211, is undergoing Phase II clinical trials
in Europe. Glenmark has three other programmes across obesity, inflammation and
pain management at the pre-clinical stages; all of which should enter the
clinics in H1 FY 2008.
About
Chromos
Chromos
is a biopharmaceutical company focused on the development and commercialization
of its proprietary ACE System technology that is used to engineer production
quality cell lines to manufacture biopharmaceutical products including
monoclonal antibodies and the development of human therapeutic products. As
part of its ongoing restructuring efforts, on April 12, 2007 Chromos filed a
Notice of Intention to Make a Proposal to its creditors under the Bankruptcy and Insolvency Act. For
more information visit our website at www.chromos.com.
Risks and Uncertainties Certain of the
statements contained in this press release are forward-looking statements which
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance
or achievements of Chromos, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. To the extent possible, management implements
strategies to reduce or mitigate the risks and uncertainties associated with
Chromos’ operations. Operating risks include (i) the continued availability of
capital to finance Chromos’ activities; (ii) Chromos’ limited cash position,
(iii) the ability to successfully obtain proof of the effectiveness of Chromos’
technology (iv) the ability to complete and maintain corporate alliances
relating to the development and
commercialization of Chromos’ technology; (v) the ability to obtain and enforce
patent and other intellectual property protection for Chromos’ technology; (vi)
market acceptance of Chromos’ technology; (vii) the competitive environment and
impact of technological change; (viii) Chromos’ ability to attract and retain
employees to carry out its business plans; (ix) the timely development and
commercialization of any technology or products that are contingent on the
completion and maintenance of corporate alliances with third parties (x) the
demand for repayment of the outstanding Notes by the Noteholders; (xi) approval
of any proposal to creditors made under the Bankruptcy and Insolvency Act; and
(xii) re-emergence from its reorganization proceedings. Further details on
Chromos’ operating risks can be found in its most recently filed Annual
Information Form and in its Quarterly and Annual Reports to Shareholders.
Glenmark posts for
Q1 FY08, a consolidated revenue growth of 88 per cent and
consolidated
revenues of Rs. 3594.24 million
Mumbai, July 30,
2007: Glenmark Pharmaceuticals Limited, the research-led global and integrated
pharmaceutical company, has posted gross [total] consolidated revenues of
Rs.3594.24 Mn [USD1 87.01 Mn] for the first quarter of the financial year
2007-08 ended June 30, 2007, a growth of 88% compared to the corresponding
period of the previous year. Consolidated profits for the quarter were
Rs.571.51 million [USD.13.83 Mn], a growth of 206% as compared to Q1 of the
previous year. Formulations: In the period under review, Glenmark’s US
business posted revenues of Rs.826.22 Mn [USD 20 Mn], registering a growth of
258% over the first quarter of the previous year. The Company’s Latin American
operations, comprising Glenmark Farmacêutica Limiteda and Servycal S.A., and 10
other Latin American countries, posted revenues of Rs.552.74 Mn [USD 13.38 Mn]
for Q1, reflecting an increase of 173%. Exports of branded formulations to
semiregulated markets brought in revenues of Rs.446.38 Mn [USD 10.81Mn], and a
growth of 22% over the previous year. Glenmark’s formulations’ business in
India registered an increase of 49% to
Rs.1280.60 Mn [USD 31.00 Mn], over Q1 of the previous year. API: The API
business for the quarter registered a 55% growth in revenues to Rs. 395.15 Mn
[USD 9.56 Mn] over Q1 in FY 2007.
Drug Discovery
NCEs
Development of
Oglemilast is ongoing and Glenmark’s partner, Forest Laboratories, have now
completed additional preclinical work requested by the FDA which will soon be
submitted for their review. Post FDA concurrence, the drug will move into a
larger Phase IIB study. Glenmark’s lead molecules, GRC 8200 also continues to
progress well in its Phase II clinical trials. We completed Phase I clinical
trials for GRC 6211, Glenmark’s lead Vanniloid Receptor (VR1) antagonist
compound in Europe on 72 healthy human subjects using single and multiple doses
during the quarter. It was found that GRC 6211 was well tolerated by the
subjects at all dosage levels and was found to have a good safety profile and
predictable pharmacokinetic properties. Glenmark has now initiated a Phase IIA
proof of concept study for dental pain in Europe and hopes to complete this
study by December 2007. Additionally, Glenmark plans to initiate 2 large Phase
II studies for neuropathic pain and osteoarthritis. Glenmark has three more
molecules in advanced pre-clinical stages. Glenmark plans to file GRC 4039 for
Phase 1 clinical testing in Q2. GRC 10693 and GRC 10801 will move into Phase 1
in Q3/Q4 timeframe.
Biologics
Glenmark
Pharmaceuticals S.A., the wholly-owned Swiss subsidiary of Glenmark
Pharmaceuticals Limited. (Glenmark) has purchased two new biological entities
from Chromos Molecular Systems Inc., in Q1 FY08. These New Biological Entities
(NBE’s), CHR-1103 and CHR-1201, are humanized monoclonal therapeutic
antibodies. Under the terms of the transaction agreements between Glenmark and
Chromos, Glenmark has purchased all rights to the two products as well as
rights to use Chromos’ proprietary ACE System technology for cell line
development for use with respect to CHR-1103 and CHR-1201. CHR-1103 and
CHR-1201 are part of a validated class of drugs known as SAMI’s (selective
adhesion molecule inhibitors) that includes such drugs as ReoPro
(Centocor/Lilly), Raptiva (Genentech/Xoma) and Tysabri (Biogen/Elan). CHR-1103
is a broad anti inflammatory agent with a novel mechanism of action, being
developed initially to treat acute multiple sclerosis, for which there is no
treatment approved at present. Glenmark plans to initiate Phase I clinical
trials in 2008 and complete Phase 1 on CHR-1103 by March 2009. CHR-1201 is an
antithrombolytic humanized monoclonal antibody, which Glenmark plans to develop
initially to treat acute stroke. Glenmark plans to start Phase I on CHR-1201 by
March 2009. Glenn Saldanha, Managing Director and CEO of Glenmark said: “We
have expanded our portfolio in the area of biologics research with the buy-out
of the two new biologic entities from Chromos, Canada. We are also very happy
with the way the research on our out-licensed molecules is progressing. The
strategic acquisition of Medicamenta in the Czech Republic has given us an initial
foothold in the European market. On the generics and branded generics front, we
are happy with the positive growth shown by our US, Latin American and India
businesses and we expect them to contribute significantly to overall revenues.”
About Glenmark
Glenmark
Pharmaceuticals Limited. is a research-led, global, fully integrated
pharmaceutical company headquartered in Mumbai, India. The Company is a leader
in India in the discovery of new molecules and is focused in the areas of
inflammation [Asthma/COPD, etc] and metabolic disorders [Diabetes, Obesity,
etc]. The Company has generic formulation and API business interests in over 80
countries across the world including the highly regulated markets of USA and
Europe. The formulation business spans several product segments such as
Dermatology, Internal Medicine, Paediatrics, Gynaecology, ENT, Diabetes and
Oncology. Glenmark’s first Asthma/COPD molecule,
Oglemilast [GRC 3886], was licensed out to Forest Laboratories and Teijin
Pharma Limited for the North American and Japanese markets, respectively, in
two landmark deals. Oglemilast is presently undergoing Phase II clinical trials
in the US. The Company’s second lead GRC 8200, a DPP-IV inhibitor for Type II
Diabetes was out-licensed to Merck KGaA, Germany for the North American,
European and Japanese markets. A third molecule targeting pain, GRC 6211, is
undergoing Phase II clinical trials in Europe. Glenmark has three other
programmes across obesity, inflammation and pain management at the pre-clinical
stages; all of which should enter the clinics in H1 FY 2008.
Disclaimer
This
document has been prepared by Glenmark Pharmaceuticals Limited. The
information, statements and analysis made in this document describing company’s
objectives, projections and estimates are forward looking statements and
progressive within the meaning of applicable Security Laws and Regulations. The
analysis contained herein is based on numerous assumptions. Actual results may
vary from those expressed or implied depending upon economic conditions,
government policies and other incidental factors. No representation or
warranty, either expressed or implied, is provided in relation to this
document. This document should not be regarded by recipients as a substitute
for the exercise of their own judgment.
About Glenmark
Glenmark Pharmaceuticals Limited is a research-led, global,
fully integrated pharmaceutical company headquartered in Mumbai, India. The
Company is a leader in India in the discovery of new molecules and is focused
in the areas of inflammation [Asthma/COPD, etc] and metabolic disorders
[Diabetes, Obesity, etc].
Glenmark’s first Asthma/COPD molecule, Oglemilast [GRC
3886], was licensed out to Forest Laboratories and Teijin Pharma Limited for
the North American and Japanese markets, respectively, in two landmark deals.
Oglemilast is presently undergoing Phase II clinical trials in the US. The
Company’s second lead GRC 8200, a DPP-IV inhibitor for Type II Diabetes, is in
Phase II clinical trials in South Africa and India. It was recently
out-licensed to Merck KGaA, Germany for the North American, European and
Japanese markets. A third molecule targeting pain, GRC 6211, recently entered
Phase I clinical trials in Europe. Glenmark has three other programmes across
obesity, inflammation and pain management at the pre-clinical stages; all of
which should enter the clinics in by H1 FY2008.
The Company also has generic and branded generic formulation
and API business interests spanning several product segments in over 80
countries across the world including the highly regulated markets of USA and
Europe.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.73 |
|
UK Pound |
1 |
Rs.78.96 |
|
Euro |
1 |
Rs.59.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|