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Glenmark Pharma rises after ANDA approval for Fulvestrant injection

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Glenmark Pharmaceuticals rose 1.39% to Rs 364.55 at 14:07 IST on the BSE on bargain hunting after the company said it received ANDA approval for Fulvestrant injection.

Shares of the drug company fell 3.94% in the past two trading sessions to settle at Rs 359.55 yesterday, 22 August 2019, from its close of Rs 374.30 on 20 August 2019.

On the BSE, 40710 shares were traded in the counter so far compared with average daily volumes of 54022 shares in the past one quarter. So far during the day, the scrip has traded in the range of Rs 367.10 and Rs 353.35.

The drug maker's US subsidiary, Glenmark Pharmaceuticals Inc., has been granted final abbreviated new drug application (ANDA) approval by the United States Food & Drug Administration (USFDA) for Fulvestrant injection generic version of Faslodex injection of AstraZeneca Pharmaceuticals. The announcement was made before market hours today, 23 August 2019.

According to IQVIA sales data for the 12 month period ending June 2019, the Faslodex Injection market achieved annual sales of approximately $549.9 million.

Fulvestrant injection is used for the treatment of hormone receptor positive metastatic breast cancer or locally advanced unresectable disease in postmenopausal women.

Glenmark's current portfolio consists of 159 products authorized for distribution in the U.S. marketplace and 56 ANDAs pending approval with the USFDA.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 23 2019. 14:09 IST