Glenmark to make foray into branded dermatology segment
Glenmark Pharmaceuticals announced its entrance into the branded dermatology segment in the United States. The branded portfolio for the U.S. market will be developed and commercialized by Glenmark Therapeutics USA, which is a wholly owned subsidiary of Glenmark Holding, SA.
Glenmark said this represents an important step in the company's long-term strategy to build a robust branded business in the U.S., alongside the company's existing and successful generics business.
Glenmark Therapeutics recently acquired the rights to seven branded dermatology products from Exeltis. The acquisition includes Ecoza (econazole nitrate) topical foam, 1%, an antifungal medicine indicated for the treatment of interdigital tinea pedis or athlete's foot, and Recedo topical gel, a leading prescription product for scar management. The cumulative sales of the seven acquired brands were $9 million.
The acquired products are currently approved and marketed in the U.S., giving Glenmark Therapeutics an immediate entry into the topical branded products segment.
Glenmark Therapeutics expects to launch other dermatology products over the next 12 months.
"Glenmark Pharmaceuticals has been committed to the area of dermatology globally for more than two decades. With our significant presence in the generic dermatology market in the U.S., this acquisition will give us a leading edge as we enter into a new segment of branded products. It will also serve as the foundation for commercialization of future branded assets in the U.S.," Glenmark chairman and managing director, Glenn Saldanha said.
"We see strong growth potential in the branded segment, particularly with the kind of products we have acquired and the products we have in our own pipeline in the areas of dermatology and respiratory. With our strategic focus on moving up the value chain, we remain optimistic that these franchises will catalyze the growth trajectory of our US business," Glenmark president North America and global API, Robert Matsuk said.
Topical branded dermatology products had a market value of about $1.9 billion for the 12 month period ending October 2018, and has been growing at a CAGR of 6.6% over the last five years, according to IQVIA data.
Glenmark said this represents an important step in the company's long-term strategy to build a robust branded business in the U.S., alongside the company's existing and successful generics business.
Glenmark Therapeutics recently acquired the rights to seven branded dermatology products from Exeltis. The acquisition includes Ecoza (econazole nitrate) topical foam, 1%, an antifungal medicine indicated for the treatment of interdigital tinea pedis or athlete's foot, and Recedo topical gel, a leading prescription product for scar management. The cumulative sales of the seven acquired brands were $9 million.
The acquired products are currently approved and marketed in the U.S., giving Glenmark Therapeutics an immediate entry into the topical branded products segment.
Glenmark Therapeutics expects to launch other dermatology products over the next 12 months.
"Glenmark Pharmaceuticals has been committed to the area of dermatology globally for more than two decades. With our significant presence in the generic dermatology market in the U.S., this acquisition will give us a leading edge as we enter into a new segment of branded products. It will also serve as the foundation for commercialization of future branded assets in the U.S.," Glenmark chairman and managing director, Glenn Saldanha said.
"We see strong growth potential in the branded segment, particularly with the kind of products we have acquired and the products we have in our own pipeline in the areas of dermatology and respiratory. With our strategic focus on moving up the value chain, we remain optimistic that these franchises will catalyze the growth trajectory of our US business," Glenmark president North America and global API, Robert Matsuk said.
Topical branded dermatology products had a market value of about $1.9 billion for the 12 month period ending October 2018, and has been growing at a CAGR of 6.6% over the last five years, according to IQVIA data.