Glenmark Pharma hits three-year high on getting final ANDA nod

Glenmark Pharmaceuticals is trading higher by 4% at Rs 424 after the company said it has received final abbreviated new drug approval (ANDA) nod for montelukast sodium tablets.

“Montelukast sodium tablets are Glenmark’s generic version of Singulair by Merck & Co, Inc, indicated for the treatment of prophylaxis and chronic treatment of asthma. The company will commence distribution of the product immediately,” Glenmark said in a filing.

For the twelve months period ending March 2012, Singulair garnered annual sales of $3.5 billion according to IMS Health, the company said.

The stock opened at Rs 415 and hit a high of Rs 428, its highest level since October 2008, on the NSE. A combined 559,836 shares have changed hands on the counter till early noon deals.