Glenmark Pharma hits three-year high
The stock has outperformed the market by rising around 6% as compared to 2% fall in Sensex in past four trading sessions post ICDR verdict
Glenmark Pharmaceuticals has rallied 4% to Rs 433 its three year high on back of huge volumes. A combined 348,476 shares have already changed hands on the counter in morning deals against an average around 300,000 shares that were traded daily in past two weeks.
The stock has outperformed the market by rising around 6% as compared to 2% fall in Sensex in past four trading sessions after the International Centre for Dispute Resolution (ICDR) has ruled in favour of Glenmark Pharma in Napo arbitration.
“The ICDR ruled that Glenmark’s exclusive rights to commercialise and distribute Crofelemer include the exclusive right to distribute Crofelemer through relief agencies into the 140 countries that comprise the Glenmark territory,” Glenmark Pharmaceuticals said in a filing to the BSE.
Glenmark Pharmaceuticals has an exclusive licence from Napo Pharmaceuticals Inc to distribute and commercialise Crofelemer in 140 emerging countries (rest of world territories) including India for indications related to HIV, use in acute adult and pediatric diarrhea, the company said.
The stock opened at Rs 420 and hit a low of Rs 416 on the National Stock Exchange.