Glenmark Pharmaceuticals gets Linezolid go-ahead
Delhi High Court sets aside order restraining manufacture and sales of synthetic antibiotic
The Delhi High Court has set aside its single judge's order restraining Mumbai-based generic drug company Glenmark Pharmaceuticals from making and selling its synthetic antibiotic, Linezolid, used to treat infections of the skin and blood, as well as pneumonia.
The court has now allowed Glenmark to manufacture and sell the drug and has also issued a notice to Symed Laboratories, the Hyderabad-based company on whose plea the single judge had restrained Glenmark from making Linezolid. The ad interim injunction passed by the court supported Symed's claim that Glenmark was infringing its process patents in the manufacture of Linezolid.
Symed Labs is the holder of several patent rights with regards to Linezolid active pharmaceutical ingredient, which are in force in India, several European countries and the United States. Symed has also filed several law suits against third party infringers before the Delhi and Madras High Courts.
Glenmark Pharma reported a 46.92% dip in its consolidated net profit to US$18.45m for the quarter ended December 31, 2014, mainly due to forex losses and increased expenses. Consolidated total income, however, rose to $273.62m for the quarter under consideration, as against $257.63m for the same period a year ago.
'The slowdown in product approvals and channel consolidation impacted our sales in the US, whereas the devaluation of currency and subdued business environment affected our Russia and CIS business,' said Chairman Glenn Saldanha.
The company's Latin American and European businesses performed well in the quarter. While its overall double digit growth continued to outperform the Indian pharmaceutical market, the company's Mexico and Venezuela subsidiaries grew by over 200% backed by good demand, the Chairman added.