Glenmark Pharmaceuticals rises on getting USFDA’s nod for Sodium Phenylbutyrate Tablets

Glenmark Pharmaceuticals is currently trading at Rs. 418.30, up by 5.10 points or 1.23% from its previous closing of Rs. 404.40 on the BSE.

glenmark pharmaceuticals arm receives anda approval for solifenacin succinate tablets
glenmark pharmaceuticals arm receives anda approval for solifenacin succinate tablets

The scrip opened at Rs. 412.15 and has touched a high and low of Rs. 418.00 and Rs. 412.15 respectively. So far 8167 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 551.50 on 26-Nov-2021 and a 52 week low of Rs. 348.90 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 418.50 and Rs. 378.45 respectively. The current market cap of the company is Rs. 11659.19 crore.

The promoters holding in the company stood at 46.65%, while Institutions and Non-Institutions held 34.08% and 19.27% respectively.

Glenmark Pharmaceuticals has received final approval from the United States Food & Drug Administration (USFDA) for Sodium Phenylbutyrate Tablets USP, 500 mg, the generic version of Buphenyl Tablets, 500 mg, of Horizon Therapeutics, LLC. Glenmark’s Sodium Phenylbutyrate Tablets USP, 500 mg, will be distributed in the U.S. by Glenmark Pharmaceuticals Inc., USA.

The Buphenyl market achieved annual sales of approximately $8.7 million for the 12-month period ending September 2022. Glenmark’s current portfolio consists of 177 products authorized for distribution in the U.S. marketplace and 46 ANDA’s pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries.

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