Glenmark stops four as competition bites
Glenmark has discontinued development of four in-licensed complex generic projects in the US, on the basis that the “overall business case for these assets has significantly weakened due to the intense competitive landscape”. The Indian firm will no longer work on in-licensed generics of Abraxane (protein-based paclitaxel), NuvaRing (etonogestrel/ethinylestradiol), Concerta (methylphenidate) and Suboxone (buprenorphine/naloxone) following the action. Intangible asset-impairment charges totalling Rs1.78 billion (US$25 million) linked to the decision were recorded in Glenmark’s financial second quarter.
You may also be interested in...
ANDA and 505(b)(2) sponsors have been handed a boost after the FDA denied almost entirely a citizen petition filed by Bristol Myers Squibb’s Celgene which called for additional tests for rivals to its Abraxane oncology agent.
Amneal has become the first company to secure US approval for, and to launch, a generic alternative to Merck & Co’s top-selling, off-patent NuvaRing contraceptive device in the US. Other generics developers appear to be several months behind.
Having amassed a significant pipeline of innovative assets, India’s Glenmark has made the choice to spin them off into a new company that will be housed in the US.