Glenmark Pharma rises after tentative USFDA approval for Axitinib tablets

Glenmark Pharmaceuticals gained 1.09% to Rs 476.35 after the drug maker said it received tentative approval from US drug regulator for Axitinib tablets.

Axitinib tablets are the generic version of Inlyta tablets of PF Prism C.V. According to IQVIA sales data for the 12 month period ending October 2020, the Inlyta Tablets, achieved annual sales of approximately $518.8 million.

Glenmark's current portfolio consists of 166 products authorized for distribution in the U.S. marketplace and 45 ANDA's pending approval with the US Food and Drug Administration (USFDA).

Meanwhile, Dr. Reddy's Laboratories on Saturday (28 November 2020) announced that it has entered into a definitive agreement with Glenmark Pharmaceuticals to acquire select anti-allergy brands in Russia, Ukraine, Kazakhstan and Uzbekistan.

Dr. Reddy's will acquire brands Momat Rino (for Russia, Kazakhstan and Uzbekistan), Momat Rino Advance (for Russia), Momat A (for Kazakhstan and Uzbekistan), Glenspray and Glenspray Active (for Ukraine), along-with rights to the trademarks, dossiers and patents for the territories mentioned, subject to completion of certain precedent actions and closing activities.

In a statement, Glenmark Pharmaceuticals' chief commercial officer Robert Crockart said, "As we await approval to launch Ryaltris in the Russian market, we look forward to strengthening our respiratory franchise in the Russia/CIS region. We remain committed to the respiratory space globally."

Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across generics, specialty and over-the-counter (OTC) business with operations in over 50 countries.

The drug maker's consolidated net profit slipped 8.4% to Rs 233.99 crore on 5.2% increase in net sales to Rs 2,908.12 crore in Q2 September 2020 over Q2 September 2019.

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