Glenmark Pharmaceuticals stock slips to 6-year low on USFDA woes

The company further said it would continue to pursue regulatory approval for Ryaltris

It was a mixed day for Mumbai's Glenmark Pharmaceuticals. The company's stock on Monday hit a six-year low of Rs 460 on the BSE after the US health regulator raised concerns over its new drug application for respiratory drug Ryaltris. But on the other hand, it announced an exclusive deal with Novartis Biosciences for three respiratory products in Brazil which is expected to boost its business the South American nation by 35-40 per cent. Keeping in line with its strategy to sign in-licensing deals with pharma majors for branded products, Glenmark's Brazilian subsidiary, Glenmark Farmacêutica, entered into an exclusive partnership