Glenmark Acquires Wockhardt's Key OTC Brands In US For Undisclosed Sum

Mumbai-based Glenmark Pharmaceuticals said it has acquired the approved generic versions of certain over-the-counter drugs from Wockhardt Ltd in the US for an undisclosed sum. The move is expected to strengthen the acquirer's OTC presence in the US.

The acquisition by the company's fully-owned subsidiary, Glenmark Pharmaceuticals Inc, USA, includes the approved abbreviated new drug applications (ANDAs) for famotidine tablets, 10 mg and 20 mg, used to treat and prevent ulcers in the stomach and intestine, the company said in a statement.

Glenmark did not disclose the financial details. The stock ended at Rs 387, up 0.8 per cent up on the BSE.

"The over-the-counter market has long been an important segment of Glenmark's portfolio around the world. Our acquisition of these ANDAs represents the continued expansion of our business into the OTC market here in the United States and our commitment to ensuring patients have access to high quality, affordable medicines," Glenmark Pharmaceuticals Inc, USA, President Sanjeev Krishan said.

Glenmark has acquired ANDAs of anti-allergy medicine cetirizine hydrochloride tablets, acid reflux treatment drug Lansoprazole delayed-release capsules, and Olopatadine Hydrochloride Ophthalmic Solution for allergic conjunctivitis and allergic rhinitis, in the US.

The company said its current portfolio consists of 175 products authorised for distribution in the US market and 48 ANDAs pending approval with the USFDA.

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor