Glenmark to boost cash flows, pare debt as it eyes a lighter balance sheet

Pharma major is monetising assets through licensing arrangements, restructuring operations

Glenmark Pharma has announced a slew of licensing agreements and steps to improve cash flow and pare debt. Pricing pressures in the US, investments in new molecules and drug development programmes, and capex have all led to higher leverage. In late August, the company entered into an agreement for sale of an inhaler drug in the European Union, having a market size of $724 million.

Executive Vice-President Achin Gupta believes there is significant opportunity in the inhaler market and the deal will give a further impetus to Glenmark’s growth in Europe. Earlier in August, Glenmark had entered into another licensing agreement