Glenmark Pharma gains after getting USFDA nod for generic drug

Glenmark Pharmaceuticals rose 1.55% to Rs 665.35 at 11:15 IST on BSE after the company said it has received ANDA approval for Amlodipine and Olmesartan Medoxomil Tablets.

The announcement was made before market hours today, 7 July 2017.

Meanwhile, the BSE Sensex was down 49.21 points, or 0.16%, to 31,320.13

On the BSE, 42,000 shares were traded in the counter so far, compared with average daily volumes of 1.45 lakh shares in the past one quarter. The stock had hit a high of Rs 667.65 and a low of Rs 656.55 so far during the day. The stock had hit a 52-week high of Rs 993 on 1 November 2016. The stock had hit a 52-week low of Rs 600 on 29 May 2017.

The stock had outperformed the market over the past one month till 6 July 2017, rising 1.07% compared with 0.31% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 24.06% as against Sensex's 5.60% rise. The scrip had also underperformed the market in past one year, sliding 20.09% as against Sensex's 15.32% rise.

The large-cap company has equity capital of Rs 28.22 crore. Face value per share is Re 1.

Glenmark Pharmaceuticals said that Glenmark Pharmaceuticals Inc., USA was granted final approval by the United States Food & Drug Administration (USFDA) for Amlodipine and Olmesartan Medoxomil Tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg, the generic version of Azor Tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg, of Daiichi Sankyo, Inc.

According to IMS Health sales data for the 12 month period ended May 2017, the Azor Tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg market achieved annual sales of approximately $211.6 million.

The company's current portfolio consists of 119 products authorized for distribution in the US marketplace and 66 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 company said.

On a consolidated basis, Glenmark Pharmaceuticals' net profit rose 23.5% to Rs 183.76 crore on 10.2% rise in net sales to Rs 2424.41 crore in Q4 March 2017 over Q4 March 2016.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization headquartered at Mumbai, India. The company is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). It has several molecules in various stages of clinical development and is primarily focused in the areas of oncology, dermatology and respiratory.

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