Glenmark Pharmaceuticals rose 0.72% to Rs 386.25 after the company said it received ANDA approval for Pimecrolimus Cream, 1%.
Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Pimecrolimus Cream, 1%, a generic version of Elidel Cream, 1%, of Bausch Health US, LLC.
Pimecrolimus is used to treat certain skin conditions such as eczema. According to IQVIA sales data for the 12 month period ending July 2019, the Elidel Cream, 1% market achieved annual sales of approximately $198.8 million.
Glenmark's current portfolio consists of 160 products authorized for distribution in the US marketplace and 55 ANDA's pending approval with the USFDA. The announcement was made before trading hours today, 30 August 2019.
Shares of Glenmark Pharmaceuticals rose 3.04% in three trading sessions to its current market price of Rs 386.25, from a recent closing low of Rs 374.85 on 27 August 2019.
On BSE, 32,000 shares were traded in Glenmark Pharmaceuticals counter, compared to a 2-week average of 66,000 shares. The stock hit an intraday high of Rs 390.75 and an intraday low of Rs 380.
It hit a 52-week high of Rs 711.55 on 10 September 2018 and a 52-week low of Rs 353.35 on 23 August 2019.
Glenmark Pharmaceuticals is a research‐driven, global, integrated pharmaceutical organization.
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