Glenmark eyes partnership for molecules development

Ahmedabad: Drug maker Glenmark Pharmaceuticals is looking at partnering with other pharma players for the development of four molecules.

The company, currently, is in talks with two candidates for the initiative.

“A total of 13 molecules are in pipeline and the company will partner for the development of four molecules. At present, talks are on for atleast two candidates for the purpose,” Glenmark Pharmaceuticals MD and CEO Glenn Saldanha said today, on the sidelines of Confluence-2008 hosted by the Indian Institute of Management-Ahmedabad (IIM-A).

“The company hopes to earn $70 million to $100 million revenues as upfront money every year from the new products”, he added. Refusing to divulge the names of the companies that Glenmark is in talks with, Saldanha said that the company hopes to develop 8 molecules by the end of March 2009.

“Apart from this, we hope to come out with two innovative products by the year 2015 and they will be very much Indian products,” he added.

However, he also maintained that Indian companies require deep pockets for Research and Development activities. Around $ 200 million are spent for R&D in India as against huge funds deployed by pharma giants globally.

Glenmark Pharmaceutical has around 11 manufacturing facilities and has a presence in 95 countries. The company provides employment to around 5,000 people.