Glenmark Pharma (Code : 532296) : Glenmark Pharmaceuticals‘ subsidiary Glenmark Generics has signed a licensing and supply agreement with Taro Pharmaceuticals for sale of a branded product in US. As per the terms of agreement, Glenmark will manufacture the product and Taro will distribute the product in United States. Glenmark will receive milestone payments and a royalty on sales. Also it announced a licensing arrangement with generic drug maker Par armaceutical Companies Inc., marking the second major development last week. The timing of the announcement is a shot in the arm for Glenmark’s unlisted subsidiary, Glenmark Generics Ltd. An initial public offer is on the cards for this subsidiary, with the funds being used to improve the group’s liquidity position and lower debt. The company’s equity capital is Rs 26.98 crore. Face value per share is Rs 1. Buy at this level and buy more at decline.
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