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  • Fitch affirms Glenmark...

Fitch affirms Glenmark at BB on IPO of API business

Ruchika SharmaWritten by Ruchika Sharma Published On 2021-08-10T13:15:41+05:30  |  Updated On 10 Aug 2021 10:21 AM GMT
Fitch affirms Glenmark at BB on IPO of API business
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Singapore: Fitch Ratings has affirmed Glenmark Pharmaceuticals Ltd's long-term issuer default rating at BB after its active pharmaceutical ingredient (API) business completed an initial public offering (IPO).The outlook is stable, it said. Glenmark retains 82.8 per cent stake in the API business held under subsidiary Glenmark Life Sciences (GLS) after the IPO.Glenmark intends to use most of...

Singapore: Fitch Ratings has affirmed Glenmark Pharmaceuticals Ltd's long-term issuer default rating at BB after its active pharmaceutical ingredient (API) business completed an initial public offering (IPO).

The outlook is stable, it said. Glenmark retains 82.8 per cent stake in the API business held under subsidiary Glenmark Life Sciences (GLS) after the IPO.
Glenmark intends to use most of the nearly Rs 1,100 crore of net proceeds from the IPO to repay debt. The debt reduction and Glenmark's intention to keep its growth and R&D strategy unchanged is likely to support an improvement in consolidated net debt to EBITDA to below the positive rating sensitivity level of 1.5x.
Nonetheless, Glenmark's scale is unlikely to rise to 2 billion dollars over the next two years which is a key rating sensitivity Fitch uses to measure improvement in Glenmark's business profile. Fitch will adjust Glenmark's consolidated EBITDA for the minority shareholding at GLS.
Glenmark's geographical diversification and satisfactory record of regulatory compliance mitigate the business risk arising from its small size and support its rating relative to larger global generic drug makers.
The affirmation also factors in Glenmark's adequate product pipeline and robust long-term growth prospects in India which limit the impact on profitability from continued pricing pressure in US generic pharmaceutical market.
Read also: Glenmark arm to invest Rs 600 crore to double capacity in 4 years
Glenmark's strategy to cut risks in its novel drug development programme will preserve its financial flexibility, said Fitch.
The pharmaceutical company is focused on branded and generic formulations, and API and novel drug development business.
Read also: Glenmark, SaNOtize collaborate to commercialize Nitric Oxide Nasal Spray for COVID-19 in Asian markets




glenmarkglenmark pharmaglenmark newsinitial public offeringactive pharmaceutical ingredientglenmark life sciencesipo
Source : ANI
Ruchika Sharma
Ruchika Sharma

    M.Com

    Ruchika joined Medical Dialogue as an Desk Editor for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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