Glenmark Pharma gains as subsidiary announces strategic development and global licensing agreement

Glenmark Pharmaceuticals rose 0.65% to Rs 919.45 at 15:16 IST on BSE after the company's subsidiary announced that it has entered into a strategic development, license and commercialization agreement with Particle Sciences, Inc.

The announcement was made during market hours today, 19 September 2016.

Meanwhile, the S&P BSE Sensex was up 34.53 points, or 0.12%, to 28,633.56

On BSE, so far 74,000 shares were traded in the counter, compared with average daily volume of 67,669 shares in the past one quarter. The stock hit a high of Rs 929 and a low of Rs 906.80 so far during the day. The stock hit a 52-week high of Rs 1,074.90 on 6 October 2015. The stock hit a 52-week low of Rs 671.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 4.51% compared with 1.69% rise in the Sensex. The scrip also outperformed the market in past one quarter, rising 20.61% as against Sensex's 7.41% rise.

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

Glenmark Pharmaceuticals said that its US-based subsidiary, Glenmark Pharmaceuticals Inc., USA, (Glenmark) today, 19 September 2016 announced that it has entered into a strategic development, license and commercialization agreement with Particle Sciences, Inc. to develop and market a generic version of Celgene's ABRAXANE product - paclitaxel protein (albumin)-bound particles for injectable suspension. As per the terms of the agreement, Glenmark has obtained global exclusive marketing and distribution rights of the product upon commercialization. Particle Sciences will develop this product exclusively for Glenmark, and shall receive certain milestone payments during various stages of the product's development from Glenmark, including royalties on sales. Development of the product has been initiated for the USA market and Glenmark intends to file the Abbreviated New Drug Application (ANDA) in the year ending 31 March 2019 (FY19). The product will be subsequently filed in other key markets across the globe, Glenmark said.

ABRAXANE marketed globally by Celgene has reported sales of $967 million world-wide and $654 million in the USA in the calendar year 2015. As per IMS MAT December 2015, ABRAXANE has registered sales of $990 million world-wide and $669 million in the USA.

Glenmark Pharmaceuticals' consolidated net profit rose 23.96% to Rs 226.78 crore on 22.13% increase in total income to Rs 2018.97 crore in Q1 June 2016 over Q1 June 2015.

Glenmark Pharmaceuticals (GPL) is an integrated pharmaceutical organization. GPL is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity).

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