Glenmark Pharmaceuticals rose 0.68% to Rs 528.65 at 10:07 IST on BSE after the company said its US-based subsidiary announced an exclusive launch of Hydrocortisone Butyrate cream in the United States.
The announcement was made during trading hours today, 9 December 2013.
Meanwhile, the BSE Sensex was up 380.07 points, or 1.81%, to 21,376.60.
On BSE, 5,831 shares were traded in the counter compared with average volume of 41,406 shares in the past one quarter.
The stock hit a high of Rs 534 and a low of Rs 534 so far during the day. The stock hit a 52-week high of Rs 612 on 12 July 2013. The stock hit a 52-week low of Rs 430.05 on 7 December 2012.
The stock had outperformed the market over the past one month till 6 December 2013, rising 0.95% compared with the Sensex's 0.49% rise. The scrip had, however, underperformed the market in past one quarter, sliding 0.70% as against Sensex's 8.96% rise.
The large-cap company has an equity capital of Rs 27.11 crore. Face value per share is Re 1.
Glenmark Generics Inc. (GGI), USA, the subsidiary of Glenmark Generics, announced the exclusive launch of Hydrocortisone Butyrate cream USP, 0.1% in the United States. The company received approval from the United States Food and Drug Administration (US FDA) for Abbreviated New Drug Application (ANDA) for its generic version of Locoid Lipocream on 27 September 2013, Glenmark Pharmaceuticals said in a statement.
Glenmark is entitled to 180 days of exclusivity with respect to its Hydrocortisone Butyrate cream, as it is the first generic company to file an ANDA for the product, the company added.
Hydrocortisone Butyrate cream is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses in adults and the treatment of mild to moderate atopic dermatitis in patients 3 months to 18 years of age. According to 1MS Health sales data for the 12 month period ending September 2013, Hydrocortisone Butyrate cream garnered annual sales of approximately $36.8 million.
Glenmark's current portfolio consists of 90 products authorized for distribution in the U.S. marketplace and 56 ANDA's pending approval with the US FDA. In addition to these internal filings, GGI continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio, Glenmark Pharmaceuticals said.
Glenmark Pharmaceuticals consolidated net profit declined 1.56% to Rs 154.29 crore on 16.56% growth in revenue to Rs 1463.06 crore in Q2 September 2013 over Q2 September 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).
Glenmark Generics (GGL) is a subsidiary of Glenmark Pharmaceuticals and aims to be a global integrated Generic and API leader, GGL has an established presence in North America and developing an EU presence. It primarily sells its FDF products in the United States (US) and the European Union (EU), as well as its oncology FM: products in South America. The company supplies APIs to customers in approximately 80 countries, including the US, various countries in the EU, South America and India.
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