<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=International+Finance+Corporation" target="_blank">International Finance Corp</a>., the private lending arm of the World Bank, might invest $75 million in Mumbai-based <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Glenmark+Pharmaceuticals+Limited" target="_blank">Glenmark Pharmaceuticals Limited</a>.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=International+Finance+Corporation" target="_blank">International Finance Corp</a>., the private lending arm of the World Bank, might invest $75 million in Mumbai-based <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Glenmark+Pharmaceuticals+Limited" target="_blank">Glenmark Pharmaceuticals Limited</a>.
Glenmark, one of India&#8217;s top 10 drugmakers by sales, is proposing to raise up to $200 million through market issue of quasi-equity instruments.
It plans to use the funds to grow its pharmaceutical manufacturing facilities, most of which will be in India, and ramp up its research and development centres for testing new molecules.
The funds will also help the company reduce debt so that a higher percentage of internal accruals can be deployed more for R&amp;D. The company offers products across a range of therapies including respiratory, dermatology, cardiovascular, diabetes and oncology.
Glenmark currently has 17 manufacturing facilities, of which all but four are in India&#8217;s smaller cities. Saldanha family, the promoters of publicly listed Glenmark, hold 46.48 per cent in the company and public shareholders hold the remaining, as of March 31, 2016.
IFC&#8217;s investment will help Glenmark expand domestic manufacturing under the government&#8217;s &#8216;Make in India&#8217; program. Singapore&#8217;s <a style="color: #000080;" href="http://Temasek Holdings" target="_blank">Temasek Holdings</a> had invested $151 million for a 3.83 per cent stake in March last year.
Last year, Glenmark saw falling sales in emerging markets, which — excluding India — used to contribute about a quarter of total sales, and had been a driver of margin growth.
Chief executive officer Glenn Saldanha had said that such markets would contribute only 20 per cent to sales and that he was counting on strong growth in the United States to offset weakness in emerging markets. The company plans to introduce a dozen new medicines in the US.
Glenmark is one of only a few Indian pharmaceutical companies that have received a steady number of approvals by the U.S. Food and Drug Administration (FDA) to launch generic medicines this year, unlike some of its local peers which have faced a longer wait after the regulator changed its review process.
Also read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=Glenmark+Pharmaceuticals+Limited" target="_blank">Temasek to invest $151m in India’s Glenmark Pharma</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=Temasek+Holdings" target="_blank">Temasek Holdings raises portfolio value to S$195b via equities</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=Glenmark+Pharmaceuticals+Limited" target="_blank">Aslan Pharma raises additional $9m led by MVP Capital Partners</a>

Glenmark, one of India's top 10 drugmakers by sales, is proposing to raise up to $200 million through market issue of quasi-equity instruments.

India: Glenmark Pharma is raising $75m from IFC

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

India: Glenmark Pharma is raising $75m from IFC

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief