Glenn Saldanha steps down as chairman of Glenmark Life Sciences
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Mumbai: Glenmark Life Sciences Ltd has said its Chairman Glenn Saldanha and non-executive director VS Mani have resigned following change in ownership of the company.
Independent director Sridhar Gorthi has also tendered resignation, along with Saldanha and Mani, with effect from close of business hours on March 6, 2024, the company said in a regulatory filing.
In his resignation letter shared on BSE by the company, Saldanha said his stepping down from the board and as chairman of the company is "pursuant to the transfer of ownership of the company by Glenmark Pharmaceuticals to Nirma Ltd".
He is also stepping down as a member of the nomination and remuneration committee and operations committee of Glenmark Life Sciences.
In September last year, Nirma Ltd had agreed to acquire 75 per cent stake in Glenmark Life Sciences for Rs 5,651.5 crore from Glenmark Pharmaceuticals.
Mani also cited a similar reason for his resignation.
On the other hand, Gorthi cited increasing professional commitments and "inability to devote the required time to discharge the role and responsibilities" for his resignation, while also stepping down from the membership of all the committees of the board.
Medical Dialogues team had earlier reported that the drug major Glenmark had got approval from the Subject Expert Committee (SEC) functional under the Central Drug Standard Control Organisation (CDSCO) to conduct the clinical study of the anticancer drug ISB 2001 in relapsed/refractory multiple myeloma.
Headquartered in Mumbai, Glenmark Pharmaceuticals Ltd is a research‐led, global pharmaceutical company, having a presence across Branded, Generics, and OTC segments; with a focus on therapeutic areas of respiratory, dermatology and oncology. The Company was founded in 1977 by Gracias Saldanha. It has 10 world‐class manufacturing facilities spread across 4 continents, and operations in over 80 countries.
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