India's Glenmark Pharmaceuticals has taken the first step towards the creation of a new US subsidiary, to focus on R&D. The research-led integrated pharmaceutical company, based in Mumbai, has announced that its Board of Directors has given in-principle approval to spin off the innovation business into a new company.
The drive behind the new company is to provide an enhanced focus on the innovation business and help accelerate the pipeline towards commercialisation.
According to the plan, all innovative molecules in the pipeline will be part of the new company, incorporating the preclinical assets and technology. This includes R&D centres in Switzerland, the US, and India related to the innovation business and the biologics manufacturing facility in Switzerland.
The innovation company will be a wholly-owned subsidiary of Glenmark based in the US. It will have an independent board and a new CEO, though all other members of the management and the team will remain unchanged.
400 employees will be part of this business, taking all employees associated with innovative R&D from the parent company. Transfer of assets and employees to the new company is expected to be completed in the next six to nine months.
Glenn Saldanha, Chairman and Managing Director of Glenmark Pharmaceuticals said: “With the pipeline at an advanced stage, we believe it's the right time for the innovation business to be an independent entity and charter its own journey towards becoming a leading biotech organisation globally.”
Glenmark's current innovation pipeline consists of 8 assets, including new chemical entities and new biological entities, in various stages of development in the areas of immunology, oncology and pain management.
The pipeline includes three immuno-oncology bispecific antibodies developed through Glenmark's proprietary BEAT platform. The new company will further leverage the BEAT platform to enhance its future pipeline.
