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Glenmark Life Sciences to expand geographical markets and CDMO business
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Yash Ved, Mumbai
July 27 , 2021
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Glenmark Life Sciences Limited, a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (API) in chronic therapeutic areas, is planning to expand geographical markets and to grow contract development and manufacturing organization (CDMO) business.
The company will also be focusing on product capabilities and improving operational efficiency and will be working towards 10 molecules every year.
The company intends to increase API manufacturing capabilities by enhancing the existing production capacities at Ankleshwar facility during the financial year 2022 and Dahej facility during the financial years 2022 and 2023 by an aggregate annual total installed capacity of 200 KL.
“About 65% of our revenue comes from regulated markets such as US, Europe, Japan, North America and Russia. We are maintaining 31% Earnings before interest, taxes, depreciation, and amortization (EBITDA) margins and reported revenue of Rs 1,885.16 crore for FY21,” the company said.
The company will open its initial public offering on July 27, 2021 and will close on July 29, 2021 and the price band of the Offer has been fixed at Rs.695 to Rs. 720 per equity share.
The company proposes to utilise the net proceeds from the fresh issue towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business from the promoter into the company pursuant to the business purchase agreement dated October 9, 2018; Funding the capital expenditure requirements; and general corporate purposes.
The company has grown from a single manufacturing facility focused on the Indian market to four locations producing scores of products, approvals from multiple regulators and a global reach.
Glenmark Life Sciences develop, manufacture and supply high quality active pharmaceutical ingredients to partners globally. The company caters to chronic therapeutic areas such as cardiovascular disease, central nervous system disorders, pain management and diabetes, among others. The company is in the business of making high-quality drugs by unlocking the possibilities of science. As of May 31, 2021, the company had filed 403 Drug Master Files (DMFs) and certificates of suitability to the monographs of the European Pharmacopoeia (CEPs) across various major markets. As of December 31, 2020, it had a portfolio of 120 molecules globally.
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