Glenmark Pharmaceuticals Limited has announced that its wholly owned subsidiary, IGI Inc., will cease all CMC development and clinical supplies manufacturing operations at its facility located in La Chaux-de-Fonds, Switzerland. The closure is expected to be completed by July 31, 2025.
According to the company’s regulatory filing, the facility’s operations are currently used for captive consumption and do not contribute any revenue to Glenmark’s consolidated turnover. As of March 31, 2024, the net worth of the plant stood at Rs 223.52 million.
The company stated that the decision to shut down the facility is driven by its evolving clinical pipeline, which is anticipated to require larger quantities of finished products in the future. Going forward, IGI will transition its CMC development and manufacturing for clinical programs to a network of well-established Contract Development and Manufacturing Organizations (CDMOs).
Glenmark confirmed that the closure of the Switzerland facility will not have any adverse impact on its consolidated financials.
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