Glenmark spins out biotech Ichnos Sciences

16 October 2019

Best known as a leading Indian maker of generic medicines, Glenmark Pharmaceuticals (BSE: 532296) has spun out its R&D unit into an independent, fully integrated biotechnology company, Ichnos Sciences, to be based in Paramus, New Jersey, USA.

The newly-formed company was first approved in principle by the Glenmark board of directors in February 2019 and now operates with its own board of directors and executive team. Former Gilead Sciences (Nasdaq: GILD) executive, Dr Alessandro Riva, is chief executive of Ichnos Sciences. He joined Glenmark six months ago.

For the time being, Glenmark will fund Ichnos' work, although the spin-out plans to eventually consider an initial public offering, according to Dr Riva.

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