 "Glenmark Phrama surges on receiving tentative approval from USFDA")
Glenmark Pharma has surged over 5% at Rs 758.25 after the company announced the receipt of tentative approval from USFDA for its generic version of azelaic acid topical gel that is used for treating skin inflammation.
Glenmark will market this product after receiving the final approval. Further, the firm said that the patent for Finacea topical gel, 15%, is scheduled to expire on November 18, 2018.
In the view of IMS Health sales data, the company stated that for the 12 months ending December 2015, the Finacea market achieved annual sales of nearly USD 128 million. Currently, the company's portfolio contain of 106 products authorized for the distribution in the US and 62 Abbreviated New Drug Applications (ANDAs) pending approval with USFDA.
Glenmark is a leading player in the discovery of new molecules, both NCEs (new chemical entity) and NBEs (new biological entity), with seven molecules in various stages of clinical development & pre-clinical development. The company has a significant presence in branded generics markets across emerging economies including India.
The stock opened at Rs 730 and touched a high of Rs 761.45 on the BSE. A total of 33,484 shares have changed hands on the BSE so far.
