Glenmark Pharmaceuticals today said its board will meet later this week to consider buyback of its Singapore-listed foreign currency convertible bonds (FCCBs).
“…a meeting of the Board of Directors of Glenmark Pharmaceuticals Limited will be held on February 12, 2021, to consider opportunistic tenders or buybacks of any part of its Singapore listed foreign currency convertible bonds, being, its USD 200 million (as on date outstanding USD 113.5 million) 2 per cent resettable onward starting equity-linked securities due June 28, 2022, issued in 2016 (“FCCBonds”)…,” the company said in a regulatory filing.
The operations committee, based on market opportunities and conditions, will hold meetings to consider and approve the terms and conditions of any tenders or buybacks, it added.
Meanwhile, Glenmark has received final approval from the US health regulator for Topiramate extended-release capsules, used to treat certain types of seizures.
The approved product is a generic version of Qudexy XR Capsules of Upsher-Smith Laboratories, LLC. Glenmark Pharmaceuticals Ltd has received final approval from the United States Food and Drug Administration (USFDA) for Topiramate extended-release capsules USP in the strengths of 25 mg, 50 mg, 100 mg, 150 mg, and 200 mg, Glenmark said in a regulatory filing.
Quoting IQVIA sales data for the 12-month period ended December 2020, Glenmark Pharmaceuticals said Qudexy extended-release capsules market achieved annual sales of approximately USD 120 million.
The company’s current portfolio consists of 169 products authorised for distribution in the US market and 43 abbreviated new drug applications (ANDAs) pending approval with the USFDA.