Glenmark Pharma up 5% on USFDA nod for Hydrocortisone Valerate

The stock was up 5% to Rs 698, trading close to its 52-week high of Rs 712 touched on September 10, 2018, on BSE in the intra-day trade.

Shares of Glenmark Pharmaceuticals were up 5% to Rs 698 on the BSE in early morning trade after drug firm said it has received approval from the US health regulator hydrocortisone valerate ointment USP, 0.2%, a generic version of Westcort Ointment, 0.2%, of Sun Pharmaceutical Industries, Inc.

“Glenmark has been granted a competitive generic therapy (CGT) designation for Hydrocortisone Valerate Ointment USP, 0.2%, therefore, with this approval; Glenmark is eligible for 180 days of CGT exclusivity upon commercialization. This is Glenmark’s first granted CGT product approved by the FDA,” Glenmark Pharma said in a regulatory filing.

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