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Money News

Glenmark Pharma says postpones acquisition plans

MUMBAI (Reuters) - Glenmark Pharmaceuticals Ltd has postponed plans for acquisitions in the U.S., Managing Director Glenn Saldanha told an analyst meet on Friday.

“Given the current financial situation we have pushed out most of our M&A plans,” he said.

“But we will look at acquisitions in the U.S. in 12-18 months,” Saldanha said.

The firm was on track to meet its earlier financial projections for FY09 and FY10, Saldanha said.

It had forecast a net profit of $210 million on revenue of $673 million for FY09, and net profit of $282 million on revenues of $932 million for FY10, he added.

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