Glenmark sets sight on LatAm pharma markets; Sets up injectables facility at Buenos Aires

Glenmark plans to produce cancer drugs from its injectable unit in Argentina

Mumbai-based Glenmark Pharma is planning to set up an injectables facility to produce cancer drugs in Buenos Aires as part of the company’s programme to strengthen its presence in the fast-emerging LatAm markets.

Glenmark has reportedly set its sight on the Latam region as the pharmaceutical markets in Brazil, Mexico, Chile, Venezuela and Peru are set grow at a higher speed compared to the stalling regulated markets in US and Europe.

Brazilian pharma market, currently pegged at $15 billion, expected to record a 10% annual growth. $9-billion Mexican market is growing at around 6%.

Venezuela is growing over 20%. Venezuelan market together with Peru is estimated at around $6 billion.

Glenmark already entered into $3.3 billion Argentinian market through an alliance with Servycal, a few years ago.Argentinean market is expected to grow at 10%.

The proposed facility in Buenos Aires will bolster Glenmark’s growth in global oncology market that is expected to grow by nearly 80% to $85 billion in four years.

At present, Glenmark makes oncology drugs in Argentina on a third party loan-licensee basis whereby the company provides the products and technology.

The oncology injectable unit in Argentina will have an annual production capacity of around one million vials for manufacturing both lyophilised and liquid types of injectibles. Glenmark plans to make the Argentinian plant the global hub for oncology injectables. Products from this facility will be sold in around 20 countries, according to reports.

However, financial aspects of the oncology facility have not been disclosed.

Last week, Glenmark Pharmaceuticals reportedly raised Rs 413 crore ($85 million) from share sale to institutional investors. Glenmark sold 1.87 crore shares to large investors at Rs 221 per share.

Glenmark has sales of Rs 198 crore (FY09) from the Latin America region. Glenmark started operations in Mexico last month.Glenmark is planning to enter other LatAm markets like Peru and Venezuela in near future, reports said.

In August, Glenmark Pharmaceuticals and US partner Forest Laboratories said oglemilast – a drug they were developing to treat chronic obstructive pulmonary disease (COPD) failed in a mid-stage trial COPD has an estimated market worth about $5 billion.

Glenmark and Forest said a Phase IIb study meant to determine the best appropriate dosing for the medicine did not show statistically significant results. Glenmark has two other drugs in mid-stage trials currently in development. One to treat Type II diabetes, and one for osteoarthritic pain, incontinence and neuropathic pain, according to the company’s website.

Glenmark’s drug discovery pipeline has several other molecules, including those to treat rheumatoid arthritis, obesity and cardiovascular disorders, that are in earlier-stage trials. In July, Glenmark Pharmaceuticals has received first-to-file status for three of its new drugs applications (ANDA) that have a combined revenue of more than 2 billion USD.

Glenmark has got first-to-file status for Zetia, with the generic name Ezetimibe, Tarka (Trandolapril + Verapamil) and Cutivate (Fluticasone lotion).