Glenmark Pharmaceuticals rose 1.08% to Rs 536.70 at 12:25 IST on BSE, with the stock extending Monday's 1.54% gains triggered by the company's US subsidiary securing approval from USFDA for a generic version of Locoid Lipocream.
Meanwhile, the S&P BSE Sensex was up 102.57 points or 0.53% at 19,482.34.
On BSE, 11,000 shares were traded in the counter as against average daily volume of 42,500 shares in the past one quarter.
The stock hit a high of Rs 538.70 and a low of Rs 532 so far during the day. The stock had hit a 52-week high of Rs 612 on 12 July 2013. The stock had hit a 52-week low of Rs 386.50 on 5 October 2012.
The stock had underperformed the market over the past one month till 30 September 2013, advancing 3.29% compared with the Sensex's 4.08% rise. The scrip had also underperformed the market in the past one quarter, declining 3.12% as against Sensex's 0.08% fall.
The large-cap company has equity capital of Rs 27.10 crore. Face value per share is Re 1.
Shares of Glenmark Pharmaceuticals have risen 2.64% in two trading sessions from Rs 522.85 on 27 September 2013, after the company during trading hours on Monday, 30 September 2013, said its US subsidiary has secured approval from the United States Food and Drug Administration (USFDA) for a generic version of Locoid Lipocream. The stock had risen 1.54% to settle at Rs 530.95 on Monday, 30 September 2013.
Glenmark Generics Inc., USA, the subsidiary of Glenmark Generics announced the approval for Hydrocortisone Butyrate Cream USP, 0.1%, abbreviated new drug approval (ANDA) from USFDA, a generic version of Locoid Lipocream. 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 IMS Health data, Hydrocortisone Butyrate Cream garnered annual sales of approximately $34 million in the US for the twelve months ended June 2013.
In April 2011, Glenmark had entered into a royalty-bearing license agreement with Triax Pharmaceuticals, Astellas Pharma Europe BV and Astellas Pharma International BV to settle a patent infringement suit against the commercialization of generic version of Locoid Lipocream and agreed to launch in near the end of calendar year (CY) 2013. Glenmark is entitled to 180 days of exclusivity with respect to its Hydrocortisone Butyrate Cream, as it is the first generic company to file and ANDA for the product.
Glenmark Generics (GGL) is a subsidiary of Glenmark Pharmaceuticals. It has an established presence in North America and developing an European Union (EU) presence. It primarily sells FDF products in the US and the EU, as well as its oncology FDF products in South America. The company supplies APIs to customers in approximately 63 countries, including the US, various countries in the EU, South America and India.
Meanwhile, the National Stock Exchange of India (NSE) on Friday, 27 September 2013, said it would include Glenmark Pharmaceuticals in the futures and options (F&O) segment with effect from Thursday, 3 October 2013.
Glenmark Pharmaceuticals' consolidated net profit surged 64.4% to Rs 128.68 crore on 19% growth in net sales to Rs 1237.88 crore in Q1 June 2013 over Q1 June 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).
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