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.
“The competitive intensity, especially on the complex generics, has increased substantially over time,” said Glenn Saldanha, Glenmark’s managing director and...
