Glenmark Pharmaceuticals has announced that it plans to spin off a US-based company for development of innovative drugs, including GRC 39815, a retinoid-related orphan receptor gamma t (RORγt) inhibitor in pre-clinical development as a potential inhaled treatment for COPD.
The new US-based company is expected to employ over 400 people, and all employees, assets, and technology from Glenmark’s R&D centers in Paramus, NJ, USA; Navi Mumbai, India; and Switzerland will be transferred to the new company within 6-9 months.
Glenmark Pharmaceuticals CEO Glenn Saldanha said, “The cutting edge work that the innovation team has delivered over the years has resulted in numerous achievements most notably among them being the fact that we have out-licensed our novel molecules to big pharmaceutical organizations consistently. With the pipeline at an advanced stage, we believe it’s the right time for the innovation business to be an independent entity and charter its own journey towards becoming a leading biotech organization globally.”
Read the Glenmark Pharmaceuticals press release.
