Glenmark Pharma drops 14.23% in seven sessions

Glenmark Pharmaceuticals dropped 3.7% to Rs 1,027.30 at 10:55 IST on BSE, with the stock extending previous six sessions' 10.94% losses.

Meanwhile, the BSE Sensex was down 468.64 points, or 1.82%, to 25,296.14.

On BSE, so far 69,380 shares were traded in the counter, compared with an average volume of 98,409 shares in the past one quarter.

The stock hit a high of Rs 1,088.60 and a low of Rs 1,009 so far during the day. The stock hit a record high of Rs 1,261.95 on 21 August 2015. The stock hit a 52-week low of Rs 677.85 on 26 September 2014.

Shares of Glenmark Pharmaceuticals tumbled 14.23% in seven trading sessions to its current ruling price of Rs 1,027.30, from a recent high of Rs 1,197.80 on 26 August 2015.

Meanwhile, Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (US FDA) for Voriconazole Tablets, 50 mg and 200 mg, the therapeutic equivalent of Vfend Tablets, 50 mg and 200 mg of PF Prism C.V. (Prism). The company made announcement before market hours today, 4 September 2015. According to IMS Health sales data for the 12 month period ending July 2015, the Vfend market achieved annual sales of approximately $91.4 million in the US.

Separately, Glenmark Pharmaceuticals announced after market hours yesterday, 3 September 2015, that its wholly owned Swiss subsidiary, Glenmark Pharmaceuticals S.A., announced that GBR 830, a novel monoclonal antibody has completed clinical phase 1 dosing. GBR 830 is an antagonistof OX40, a costimulatory receptor expressed on T cells mediating T cell activation and survival.

Glenmark has now completed clinical Phase I studies for GBR 830 in the Netherlands. GBR 830 was well tolerated and its safety and pharmacokinetics profile in healthy volunteers fully support the transition into clinical Phase 2 studies. Preparations for initiating Phase 2 studies in both atopic dermatitis and celiac disease in the US and Europe are well advanced. Glenmark expects dosing to commence in the next few months. These are indications with an unmet medical need and in addition also offer the possibility to characterize the mode of action of GBR 830 in detail in these patient populations, the company said in a statement. GBR 830 targets activated T cells. This cell type drives the pathology in most autoimmune diseases including rheumatoid arthritis, multiple sclerosis and inflammatory bowel disease, the company said.

On a consolidated basis, Glenmark Pharmaceuticals' net profit fell 3.6% to Rs 178.27 crore on 10.9% increase in total income to Rs 1653.11 crore in Q1 June 2015 over Q1 June 2014.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of inflammation and pain management. The company has a significant presence in branded generics markets across emerging economies including India.

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