Glenmark Pharma gains after USFDA approval for anti-anginal drug

Glenmark Pharmaceuticals was up 3.29% to Rs 451.10 at 11:09 IST on the BSE after the company said it received ANDA approval for Ranolazine extended-release tablets, 500 mg and 1,000 mg.

The announcement was made before market hours today, 9 July 2019.

Meanwhile, the S&P BSE Sensex was down by 125.30 points, or 0.32% to 38,595.27.

On the BSE, 55,000 shares were traded in the counter so far compared with average daily volumes of 80,000 shares in the past two weeks. The stock had hit a high of Rs 452.15 and a low of Rs 436.80 so far during the day. It hit a 52-week high of Rs 711.55 on 10 September 2018 and a 52-week low of Rs 423.70 on 8 July 2019.

Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Ranolazine extended-release tablets, 500 mg and 1,000 mg, a generic version of Ranexa extended-release tablets, 500 mg and 1,000 mg, of Gilead Sciences, Inc.

The drug is indicated for the treatment of chronic angina. According to IQVIA sales data for the 12 month period ending May 2019, Ranexa achieved annual sales of approximately $929 million.

Glenmark's current portfolio consists of 158 products authorized for distribution in the US marketplace and 57 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 itsexisting pipeline and portfolio.

On a consolidated basis, Glenmark Pharmaceuticals' net profit rose 6.6% to Rs 161.66 crore on a 12.4% rise in the net sales to Rs 2526.08 crore in Q4 March 2019 over Q4 March 2018.

Glenmark Pharmaceuticals (GPL) is a research‐driven, global, integrated pharmaceutical organization.

Powered by Capital Market - Live News