Glenmark Pharma inches up after receiving research fee from US firm

Glenmark Pharmaceuticals rose 0.37% to Rs 524.30 at 15:02 IST on BSE after the company said it has received a small research fee payment from Forest Laboratories Inc. on a collaboration for the development of novel mPGES-1 inhibitors.

The announcement was made during trading hours today, 27 September 2013.

Meanwhile, the S&P BSE Sensex was down 169.02 points or 0.85% at 19,724.83.

On BSE, 45,000 shares were traded in the counter as against average daily volume of 42,288 shares in the past one quarter.

The stock was volatile. The stock rose as much as 1.81% at the day's high of Rs 531.85 so far during the day. The stock lost as much as 0.83% at the day's low of Rs 518 so far during the day. The stock had hit a 52-week high of Rs 612 on 12 July 2013. The stock had hit a 52-week low of Rs 386.50 on 5 October 2012.

The stock had underperformed the market over the past one month till 26 September 2013, declining 4.06% compared with the Sensex's 7.2% rise. The scrip had also underperformed the market in past one quarter, advancing 0.11% as against Sensex's 7.23% rise.

The large-cap company has equity capital of Rs 27.10 crore. Face value per share is Re 1.

Glenmark Pharmaceuticals today, 27 September 2013, said that the company has received a small research fee payment from Forest Laboratories Inc. on a collaboration for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions to support the next phase of work. Glenmark is expecting an additional payment to support the advancement of the programme, the company said in a statement. Forest has an exclusive option to obtain license rights to the program upon the completion of pre-clinical trials. Under the terms of the agreement signed in FY 2013, Forest had made $6 million as upfront payment to Glenmark and also made an additional $3 million to support the next phase of work for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.

Glenmark Pharmaceuticals' consolidated net profit surged 64.4% to Rs 128.68 crore on 19% growth in net sales to Rs 1237.88 crore in Q1 June 2013 over Q1 June 2012.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. It is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). The company along with its subsidiary has 13 manufacturing facilities in four countries and has five R&D centres.

Powered by Capital Market - Live News