Glenmark gains 2.3 per cent on reorganisation plans

Glenmark Pharmaceuticals announced that it has initiated the process of reorganising itself into three different entities. The shares of the company rose 2.3 per cent intraday post the announcement on Thursday.

The company expects the process to be completed in the current fiscal year. This reorganisation is designed to place Glenmark on an accelerated trajectory and the three different entities post the reorganisation will together make up the Glenmark group of companies.

Mr. Glenn Saldanha, Chairman and MD of Glenmark said that “The group's flagship Glenmark Pharmaceuticals will focus on generics, branded and specialty products. The API and innovation units will reside in two separate subsidiaries spun out of the flagship.”

Glenmark Pharmaceuticals is a global pharmaceutical company. The company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs). It operates in India, United States, Latin America, Europe and Rest of the World (ROW).

The shares of Glenmark on Thursday had opened at Rs. 385.00 against Wednesday’s close of Rs. 382.35. At closing hours, it was trading at Rs. 390.00, up by 2 per cent from its previous close. The stock hit an intraday high of Rs. 391.00 and intraday low was Rs. 385.00. Its 52-week high was Rs. 435.00 and 52-week low was Rs. 353.35 per share on the BSE.