Fitch affirms Glenmark, notes

Fitch Ratings said it affirmed Glenmark Pharmaceuticals Ltd.’s long-term issuer default rating and $200 million 4½% senior unsecured notes due 2021at BB.

The outlook is stable.

Fitch said the rating incorporates Glenmark's geographic diversification and strong track record of regulatory compliance, which help to mitigate business risks arising from its small size relative to other global generic drug makers.

The rating also reflects Glenmark's healthy product pipeline, which will support revenue and profitability despite continued pricing pressure in the US generic pharmaceutical market,” the agency said in a news release.

“Glenmark has adequate in-house R&D capabilities and financial flexibility to support its novel drug development programme.”

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