Drug firm Glenmark today said it has opened its new facility in Argentina which would serve as a global hub for cancer treatment drugs.
The facility, in the outskirts of Argentine capital Buenos Aires, was jointly inaugurated yesterday by Minister of State for Commerce & Industry Jyotiraditya Scindia and Argentina Minister of Industry Debora Giorgi, the company said in a statement.
The oncology manufacturing facility will serve as Glenmark's global hub for manufacturing products used for treatment of cancer, it added.
The new plant has an initial manufacturing capacity of one million units of liquids and around 1.3 million units of lyophilized concentrates and would be able to service the requirements of about 75% of cancer therapy products, it said.
Commenting on the development Glenmark Generics President Jalaj Sharma said: "Glenmark's strategic intent is to emerge as a formidable player in the global oncology segment and this facility will serve as the global hub of oncology products for the entire organisation."
Glenmark had acquired Argentina's oncology firm, Servycal SA in 2005 and helped it establish as an important player in oncology segment in the Latin and Central America region.
More From This Section
Besides operations in Argentina, Glenmark has operations in 12 other markets in the Latin America region and currently over 250 products are sold in this region.
The company is present in Latin America in various therapy segments including dermatology, respiratory, gynaecology and oncology.
Shares of Glenmark today closed at Rs 277.55 on the Bombay Stock Exchange, down 4.92% from its previous close.