Glenmark Pharmaceuticals rose 1.05% to Rs 922.50 at 12:15 IST on BSE after the company announced the settlement of paragraph IV patent litigation with Forest Laboratories with respect to the generic version of Forest's Savella.
The company made the announcement during market hours today, 21 December 2015.
Meanwhile, the S&P BSE Sensex was up 122.55 points or 0.48% at 25,641.77.
On BSE, so far 27,151 shares were traded in the counter as against average daily volume of 56,784 shares in the past one quarter.
The stock hit a high of Rs 934.55 and a low of Rs 908.50 so far during the day. The stock had hit a record high of Rs 1,261.95 on 21 August 2015. The stock had hit a 52-week low of Rs 703.50 on 7 January 2015.
The stock had underperformed the market over the past one month till 18 December 2015, declining 6.6% compared with 0.14% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 10.22% as against Sensex's 2.67% fall.
The large-cap company has equity capital of Rs 28.22 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals announced that Glenmark Pharmaceuticals Inc., USA and company have entered into a settlement agreement with Forest Laboratories, LLC, Forest Laboratories Holdings, Ltd., and Royalty Pharma Collection Trust to settle and dismiss the outstanding patent litigation in the United States related to Glenmark's Abbreviated New Drug Application (ANDA) for Milnacipran Hydrochloride 12.5 milligram, 25 milligram, 50 milligram, and 100 milligram tablets, the generic version of Forest's Savella.
Under the terms of the settlement agreement, Glenmark will have the option to market and distribute its Milnacipran Hydrochloride tablets or an authorized generic version of Savella tablets. Other terms of the settlement agreement are confidential. According to IMS Health sales data, for the 12 month period ended October 2015, Savella achieved annual sales of approximately $134.7 million in the US.
Glenmark Pharmaceuticals' consolidated net profit rose 21.4% to Rs 200.41 crore on 10.3% growth in net sales to Rs 1844.02 crore in Q2 September 2015 over Q2 September 2014.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai. Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of inflammation and pain management. The company has a significant presence in branded generics markets across emerging economies including India.
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