Glenmark Pharma gains after ANDA approval for Clobetasol

Glenmark Pharmaceuticals rose 0.26% to Rs 385.90 after the pharmaceutical company reported that it has received ANDA approval for clobetasol propionate foam, 0.05% (emulsion formulation).

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Clobetasol Propionate Foam, 0.05% (Emulsion Formulation), a generic version of Olux-E Foam, 0.05%, of Mylan Pharmaceuticals Inc.

Clobetasol is used to treat certain scalp and skin conditions (e.g., psoriasis, dermatitis, rash). According to IQVIA sales data for the 12 month period ending July 2019, the Olux-E Foam, 0.05% market achieved annual sales of approximately $11.1 million.

Glenmark's current portfolio consists of 161 products authorized for distribution in the U.S. marketplace and 54 ANDA's pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio. The announcement was made on Tuesday, 10 September 2019.

On BSE, 8,009 shares were traded in Glenmark Pharmaceuticals counter, compared to a 2-week average of 40,000 shares. The stock hit an intraday high of Rs 393.65 and an intraday low of Rs 384.60.

It hit a 52-week high of Rs 711.55 on 10 September 2018 and a 52-week low of Rs 353.35 on 23 August 2019.

Glenmark Pharmaceuticals is a global pharmaceutical company. The pharmaceutical company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs).

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