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Shares of Glenmark Pharmaceuticals were up nearly 3% at Rs 800 as the company is planning to out-license its molecule for pain management.
The molecule, GRC 17536, is expected to have a market potential worth $1 billion. According to people in the know, Glenmark is in talks with a few multinational giants and a deal is likely in a couple of months.
The molecule has successfully completed phase-II trials on 138 patients in Europe and India.
The stock opened at Rs 797 and touched a high of Rs 806 on the Bombay Stock Exchange. At 9:25AM, over 11,000 shares were traded on both the stock exchanges.
