Glenmark Pharma went up 2.5% to hit an intraday high at Rs.506.75 on the back of a 2-times rise in volumes. Its 52-week high is at Rs.690.60.
The stock price rose after it announced receipt final approval from the USFDA for Clindamycin Phosphate Foam, 1%, the generic version of Evoclin1 Foam, 1%, of Mylan Pharmaceuticals Inc.
According to IQVIATM sales data for the 12 month period ending July 2021, the Evoclin Foam, 1%, market2 achieved annual sales of approximately $12.0 million.
Glenmark’s current portfolio consists of 173 products authorized for distribution in the U.S. marketplace and 47 ANDA’s pending approval with the U.S. FDA.