Business Standard

Glenmark Pharma hits four-year high, surges 10% in two days

The company has entered into an agreement with Forest Labs to develop novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.

Related News

Glenmark Pharmaceuticals has rallied over 5% to Rs 547, its highest level since September 2008, with heavy volumes on the NSE. The stock opened at Rs 522 and has seen a combined 1.28 million shares changing hands on the counter so far compared to less than one million shares that were traded daily in past two weeks.

The stock has outperformed the market by surging 10% in past two trading sessions compared to 1% rise in benchmark Sensex after the company informed the stock exchanges that it has entered into an agreement with (Forest Labs) to develop novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.

Under the terms of agreement, Forest Labs will make a $6-million up-front payment and provide an additional $3 million to support the next phase of work. Forest Labs will make other future payments in FY2014 to support the ongoing mPGES-1 inhibitors programme.

Analyst at Sharekhan recommended a BUY on the stock with the revised target price of Rs 600 saying that it an important development for the company having positive repercussions in the long term.

Read more on:   
|
|

Read More

Two entities fail to make prima facie case to revoke ban: Sebi

The Securities and Exchange Board of India (Sebi) today said the restraining order on two entities, related to plunge in some mid-cap stocks in July, ...

Quick Links

 

Market News

Double digit earnings to cheer markets in FY16

Analysts expect earnings surprises from consumer discretionary, financial and industrial sectors

Markets in evolution offer tremendous opportunities: Chitra Ramakrishna

The CEO of National Stock Exchange expects to see more retail savings enter the stock market

Domestic market not showing revival, ceramic units look global

Ceramic industries face reduction in business because of slowdown in real estate sector

Sebi slaps over Rs 21 cr fine on Gujarat Arth promoters, PACs

Sebi has slapped a hefty penalty of over Rs 21 crore on Gujarat Arth Ltd's promoters and persons acting in concert (PACs) for fraudulent ...

Indiabulls Securities pays Rs 1 crore to Sebi to settle allegations

The settlement charges were invoked after the irregularities were found in the company's broking operations

Back to Top