Glenmark Pharma to set up new manufacturing facility in USA

17 July 2014

Indian drugmaker Glenmark Pharmaceuticals (BSE: 532296) plans to set up a new manufacturing facility at Monroe Corporate Center, North Carolina in the USA. The company will first commence work on an oral solid unit and thereafter set up manufacturing units for injectables and topicals.

Glenmark did not indicate the financial element of the project, but said it expects to commence manufacturing activity by the end of the current fiscal year. This facility is dedicated only for the US market and is Glenmark's first manufacturing facility in North America adding to its list of 14 plants in four countries - India, Brazil, Argentina and Czech Republic. The firm’s shares rose 1.4% to 564.90 rupees following the announcement.

USA a strategic market for the company

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