Glenmark

approval for the manufacture of ointments and creams.
2007 We entered the Czech Republic and Slovakia markets through our acquisition of
Medicamenta a.s. (“Medicamenta”).
2008 We reorganised our business structure into two separate strategic business units.
Competitive strengths
The following are our key strengths which we believe enable us to compete in our principal markets:
• Strong NCE and NBE R&D capabilities. We have demonstrated our discovery research strength
in the past by out-licencing three of our molecules for a cumulative payment (upfront and
milestone) of U.S.$117 million. We completed out-licencing deals with Forest Laboratories, Inc.
in 2004, with Teijin Pharma in 2005, with Merck KGaA in 2006 and with Eli Lilly & Co. in 2007.
The out-licencing deals with Merck KgaA and Eli Lilly & Co. have since terminated.
Currently, we have seven NCEs in clinical development and two NBEs in various stages of
development. One of the NCEs, Crofelemer, is in-licenced. We are constantly looking for
opportunities for partnering for the development of these pipeline molecules.
We are committed to our discovery research efforts and have invested extensively in setting up a
R&D centre for NCEs at Mahape, Navi Mumbai in India, a R&D centre for NBEs at Canton of
Neuchatel in Switzerland and a clinical R&D centre at Oxford in the United Kingdom. We have
research centres in India, where we undertake small molecule research, Switzerland, where we
undertake biologics research, Oxford, where we undertake clinical research and the United States,
where we carry out IP management, regulatory and global business development. Our R&D
efforts are concentrated on analogue research in specific therapeutic segments which we believe
offer out-licencing potential, such as the asthma, diabetes, osteoarthritic, multiple sclerosis and
obesity segments.
We are focused on attracting and retaining a dedicated and experienced R&D team. As of March
31, 2009, we had approximately 700 employees employed in R&D, including 600 scientists.
• Generics Business - Focus on niche segments. We believe that we have several advantages in the
generic formulations business based on high-technology formulations development and
manufacture which is not easy to replicate. In particular, we are diversified into niche areas such
as dermatology, hormones, oncology, modified release and controlled substances. Products within
those areas can be difficult to manufacture, which can result in less competition and higher
margins. We have formulations manufacturing facilities in Goa, India and have over 45 products
in the United States market.
We currently have over 45 USFDA ANDAs in the pipeline, of which 4 are intended to be sole
first-to-file Paragraph IV filings. For example, we filed an abbreviated new drug application
(“ANDA”) with a Paragraph IV certification against the generic version of Schering Plough &
Merck Shering Plough company LLC's hypercholesterolemia treatment Zetia (Ezetimibe) seeking
regulatory approval to market a generic version of Ezetimibe (Zetia). In the event that we
successfully challenge Schering's patents, we will be entitled to a 180 day exclusivity period. We
received 180 day exclusivity for our Oxcarbazepine product in the North American market and we
have filed first-to-file applications in respect of Tarka (a Trandolapril and Verapamil product),
Malarone (a tablet-form Atovaquone and Proguanil Hydrochloride product) and Cutivate (a
Fluticasone lotion) where we were sole first-to-file applicant. We also have another first-to-file
opportunity in respect of Eszopiclone tablets. On March 20, 2009, Sepracor Inc. filed suit in the
United States District Court seeking to prevent us (and nine other companies) from proceeding
xi