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Glenmark reaches settlement agreement with Pfizer for kidney cancer drug

Glenmark reaches settlement agreement with Pfizer for kidney cancer drug

Glenmark reaches settlement agreement with Pfizer for kidney cancer drug
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By Hormaz Fatakia  Nov 22, 2022 9:24 AM IST (Published)

Glenmark had received tentative approval from the USFDA for their generic Axitinib tablets, 1 mg and 5 mg in November 2020.

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Glenmark Pharma and its US subsidiary - Glenmark Pharmaceuticals Inc., USA have reached a settlement agreement with Pfizer Inc. and its entities - PF Prism CV and PF Prism IMB BV for the Axitinib tablets, 1 mg and 5 mg.
The tablets are generic versions of Pfizer's Inlyta tablets and are used in the treatment of advanced renal cell carcinoma, a type of cancer that begins in the cells of the kidneys. It is used on patients who have not been treated successfully with another medication.
Glenmark had received tentative approval from the USFDA for their generic Axitinib tablets, 1 mg and 5 mg in November 2020.
For the 12-month period that ended in September 2022, Pfizer's 1 mg and 5 mg Inlyta tablets had achieved annual sales of close to $644.5 million, according to IQVIA data.
Glenmark's current portfolio includes 177 products that are authorised for distribution in the US market place and 47 Advanced New Drug Applications (ANDAs) are pending approval with the drug regulator.
Earlier this month, Glenmark had launched the Fingolimod capsules in the US market. The drug is used in the treatment of multiple sclerosis in patients aged 10 and above.
In its recent investor day, the company's management guided for double-digit revenue growth over the next four years. Among other targets that the company set for financial year 2026 include zero net debt and enhancing dividend payout and buybacks for investors.
Over the next four financial years, Glenmark aspires to have 2/3rd of its revenue from branded products and markets. It also wants to have a commercial launch of at least one innovative asset either on its own or via partners.
Shares of Glenmark have opened 0.9 percent higher at Rs 415.25.
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