Glenmark Pharmaceuticals Tuesday announced the appointed of Yasir Rawjee as the Chief Executive Officer (CEO) of Glenmark Life Sciences, it's subsidiary for the active pharmaceuticals ingredients (API) business. Rawjee joins Glenmark Life Sciences from Mylan, where most recently he was the Head of Global API Operations, Glenmark Pharmaceuticals said in a BSE filing.
"Glenmark Pharmaceuticals, a research-led global integrated pharmaceutical company, announces that it has appointed Yasir Rawjee as the Chief Executive Officer of Glenmark Life Sciences, it's subsidiary for the API business," it said. Rawjee, a PhD in Chemistry from Texas A&M University, USA, and B Sc (Tech.) from UDCT Mumbai has over 25 years of experience in the pharmaceutical industry, it said.
"We are happy that Rawjee will now spearhead the API unit and take it to greater heights with his rich experience both in the technical and marketing aspects of the business," said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals. Glenmark's API business has witnessed a robust growth rate of 15 per cent CAGR over the last five years while maintaining its leadership position globally across several molecules, the company said.
To provide a strategic focus to this business, Glenmark had earlier this year transferred the API business to a wholly-owned subsidiary Glenmark Life Sciences, it said. "We see significant growth potential in our API business given the increasing demand for good quality and sustained supply of APIs globally. With this view, we housed our API business into a separate subsidiary, which will be run independently," Saldanha said. Glenmark Life Sciences has built strong partnerships across the globe and has a very focused approach to further expand the API business, said Rawjee.
(With inputs from agencies.)