Glenmark Pharma gains on inking settlement agreement with Pfizer for cancer drug

Glenmark Pharmaceuticals rose 1.32% to Rs 417 after the drug maker and its US arm, Glenmark Pharmaceuticals Inc. have reached a settlement agreement with Pfizer Inc., PF Prism C.V., and PF Prism IMB B.V. (Pfizer) for Axitinib Tablets.

The said drug is the generic version of Pfizer's Inlyta tablets. Axitinib is an anti-cancer medication. It works by blocking the action of the abnormal protein that signals cancer cells to multiply.

Glenmark had previously announced that it had received tentative approval by the United States Food & Drug Administration (U.S. FDA) for their generic Axitinib tablets, 1 mg and 5 mg on 30 November 2020.

According to IQVIA, sales data for the 12‐month period ending September 2022, the Inlyta tablets, 1 mg and 5 mg market achieved annual sales of approximately $644.5 million.

Glenmark's current portfolio consists of 177 products authorized for distribution in the U.S. marketplace and 47 ANDA's pending approval with the U.S. FDA.

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 pharmaceutical company stated in the press release.

Glenmark Pharmaceuticals is a global pharmaceutical company with a presence across specialty, generics, and OTC businesses.

The company's consolidated net profit rose 1.1% to Rs 260.44 crore on a 6% increase in net sales to Rs 3,312.49 crore in Q2 FY23 over Q2 FY22.

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