Glenmark Pharmaceuticals to repay Rs 300-cr debt by end-fiscal

MUMBAI: Pharma major, Glenmark Pharmaceuticals, plans to repay its debt of around Rs 300-crore by end-this fiscal, a top company official said.

"We will repay our debt of around Rs 300-crore during the third or fourth quarter of this financial year," Glenmark's Chief Executive Officer and Managing Director, Glenn Saldanha, told reporters on the sidelines of a pharma summit here today.

The company's present debt is around Rs 1,650-crore, he said.

The company's generic arm -Glenmark Generics, plans to raise around Rs 575-crore through an IPO by end-this fiscal, he said.

"We are looking at Rs 575-crore through an IPO by our generics arm," Saldhana said, adding that the company has already filed its red hearing prospectus.

The proceeds of the IPO will go towards repayment of our debts," he added.

Glenmark Generics has recently received ANDA (Abreviated New Drug Application) approval from the US Food and Drug Administration for Ciclopirox Olamini cream used in the treatment of dermatological infection, he said.

"The company will start marketing and distribution of the product in the US," he said.