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Ichnos Capital Raise Key For Glenmark, BEAT Platform A Core Value Driver

Q3 Favipiravir Revenues Dive But Remogliflozin Strong

 
• By Anju Ghangurde

All eyes are on a fundraising plan by Glenmark’s US innovation spin-out Ichnos, with management signaling that its proprietary BEAT platform will be the biggest value driver rather than any individual pipeline asset. The company's India business rang in a strong Q3, with remogliflozin and combinations expected to emerge as a significant franchise.

FUNDING word written on wood block
All Eyes Are On The Proposed Financing Round For Glenmark's Ichnos • Source: Shutterstock

Glenmark Pharmaceuticals Limited’s management faced a volley of questions at its third quarter earnings call around the seeming slow progress of fundraising and portfolio partnering plans at Ichnos Sciences, its spin-out innovation arm in the US, though the Indian company assured investors that it hopes to “close something pretty quickly” in both cases.

“We are still working on the capital raise as we speak; in addition we have several partnering discussions with various companies to partner out some of the Ichnos portfolio, so I think between these two we feel pretty confident that we will close something in the near-future,” Glenn Saldanha, chairman and managing director, Glenmark

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