India regulators have cleared Glenmark Pharmaceuticals to sell as much as 49% of its shares to foreign institutional investors, up from its former 40% limit, and paving the way for major investors such as Singapore's Temasek Holdings.
Sun Pharmaceutical Industries, Glenmark Pharmaceuticals and Intas Pharmaceuticals, all India-based, are getting a collective investment infusion of $567.7 million, all from Singapore's government.
India's Glenmark Pharmaceuticals has moved to pull in the rupee equivalent of $151 million from an offshore unit of Singapore sovereign wealth fund Temasek in a deal put forth by the board last week and awaiting shareholder approval, the company said on Monday.
India's Glenmark Pharmaceuticals began this new fiscal year with an outlook of a turnaround in its U.S. fortunes that experienced a slowdown in the just-ended FY 2015. The days-old $25 million settlement of U.S. Medicaid fraud allegations did not figure in the analysts' estimates of company prospects.
Glenmark Generics, the U.S. unit of Glenmark Pharmaceuticals, has signed a settlement agreement to pay $25 million to be split by the federal government and the state of Texas for alleged Medicaid fraud.
India's highest court has granted an injunction against Glenmark Pharmaceuticals, blocking it from producing and marketing a generic of Merck's Januvia (sitagliptin) for treating diabetes. A patent-infringement suit was not affected by the decision.
India's Finance Ministry kicked the can down the road for another agency to determine whether $67 million worth of foreign direct investment should be opened for Aurobindo Pharma and Glenmark Pharmaceuticals.
India's biotech companies are beginning to make their mark in the antibody development field. Sanofi has inked a $663 million development pact with India's Glenmark Pharmaceuticals, proffering $50
Shares of India's Glenmark jumped on the news that Sanofi-Aventis has signed up for a $345 million partnership to develop new pain drugs. Glenmark gets $20 million upfront in the deal, along with
Forbes profiles Glenmark Pharmaceuticals, the Indian drugmaker that's making the switch from a generics company to an innovative drug developer. CEO Glenn Saldanha has a strategy: develop new drugs