The licensing pact for Ryaltris has been signed between the company's Swiss subsidiary, Glenmark Specialty SA and Hikma Pharmaceuticals PLC (Hikma).
The company had posted a net profit of Rs 116.34 crore in the corresponding period of the previous financial year, Glenmark Pharmaceuticals said in a filing to the BSE.
The Mumbai-based firm plans to raise funds either through issuance of bonds or debentures, non-convertible debt instruments or any other securities or any combination thereof, of any of the above, it added.
"This is particularly important in reducing overall disease burden. Moreover, this strategic decision will not only strengthen our diabetes portfolio but also help consolidate our position as the fastest-growing player in the anti-diabetes segment," Mankind Pharma Director of Marketing Sanjay Koul said in a statement.
Ryaltris is a new fixed dose combination nasal spray of an antihistamine and a steroid indicated for treatment of symptoms associated with allergic rhinitis and rhinoconjunctivitis in patients over 12 years of age in Australia.
"The European regulator has just issued a certificate of compliance for the facility stating that it complies with the principles and guidelines of Good Manufacturing Practice (GMP) laid down in the directive 2003/94/EC which stipulates the requirements to fulfil GMP recommendations of WHO," Glenmark Pharmaceuticals said in a regulatory filing.
Glenmark's current portfolio consists of 164 products authorised for distribution in the US marketplace and 44 abbreviated new drug applications pending approval with the USFDA.
Net sales of the company stood at Rs 2,763.73 crore, up 8.81 percent, during the period under review as against Rs 2,539.85 crore of the corresponding quarter previous fiscal.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 17 points gain or 0.16 percent. The Nifty futures were trading around 11,223-level on the Singaporean Exchange.
In his message to the company's shareholders, Saldanha said the three entities will focus on different verticals -- generics, branded and specialty products; active pharmaceutical ingredients (API); and breakthrough innovative drugs.
The recall is a nationwide within the United States, the USFDA said.
The drug is indicated for treatment of type-2 diabetes mellitus in adults.
ICICI Direct recommended hold rating on Glenmark Pharmaceuticals with a target price of Rs 410 in its research report dated August 14, 2019.
The Mumbai-based drug firm said the figures are not comparable as the last financial year included one-time forex gain of Rs 138.21 crore.
The company, however, did not disclose financial details of the licensing agreement.
Glenmark will manufacture and supply Remogliflozin while Torrent will market the drug under its own trademark 'Zucator' in India.
Ranolazine is used to treat chronic angina.
Glenmark's current portfolio consists of 158 products authorised for distribution in the US marketplace and 57 ANDA’s pending approval with the USFDA
The company said it will continue to pursue regulatory approval for Ryaltris and work closely with the FDA to determine the appropriate next steps.
ICICI Direct recommended hold rating on Glenmark Pharmaceuticals with a target price of Rs 565 in its research report dated May 30, 2019.
Sharekhan recommended Hold rating on Glenmark Pharmaceuticals with a target price of Rs 595 in its research report dated May 30, 2019.
The company's consolidated revenue for 2018-19 stood at Rs 9,865.46 crore, compared to Rs 9,103.07 crore in the preceding fiscal.
The approved products is a generic version of AstraZeneca Pharmaceuticals' Nexium delayed-release capsules.
Rawjee joins Glenmark Life Sciences from Mylan, where most recently he was the Head of Global API Operations.
Net Sales are expected to increase by 10.8 percent Y-o-Y (down 0.8 percent Q-o-Q) to Rs. 2,490.2 crore, according to Prabhudas Lilladher.