India’s Glenmark Receives Approval to Market Allergic Rhinitis Tablets in Russia

Indian pharma major Glenmark has received approval from the Ministry of Healthcare, Russia to market allergic rhinitis tablets, Money Control reports.

The approval regards the company’s rights to market Montlezir (Levocetirizine Dihydrochloride 5mg + Montelukast Sodium 10mg) film‐coated tablets as a prescription product for the treatment of seasonal and perennial allergic rhinitis in patients over 15 years of age.

Montlezir is expected to hit the Russian market by the third quarter of the 2019‐20 financial year, the company said.

“Russia is one of the key markets for us and we are consistently looking to expand our product portfolio. We believe that approval for Montlezir will help enhance our presence in this segment,” said Csaba Kantor, Senior Vice President, and Head ‐ Asia, Russia & CIS region, Glenmark Pharmaceuticals.

The company’s shareholders have approved a proposal to raise up to $200 million through the issuance of debt securities. Glenmark said it will reward its shareholders after monetization of its innovative and bulk drug business units, in a year. The stock has plunged in recent months, despite the company’s efforts to pare net debt.

Shares in Glenmark Pharma fell 4 percent hitting a new 52-week low on Monday. The share price has declined 52 percent on the Bombay Stock Exchange (BSE) since January.

In February, the board gave an in-principle nod to hive off its innovation business into a new company in the U.S. — a move expected to bring down debt, de-risk its investments, and improve focus on its base business.