Glenmark Pharma up in green
Glenmark Pharma announced launch of drug used in the treatment of multiple sclerosis in patients aged 10 and above in the US markets. Known as Fingolimod capsules, it is a lower-cost alternative to Gilenya Capsules 0.5 mg, the the generic version from Novartis Pharma.
The company’s current portfolio includes 176 products authorised for distribution in the US market. Another 47 abbreviated new drug applications (ANDA) are pending with the US Food and Drug Administration (FDA) for approval.
This is good news but last week, the news was not so good - after issuing a warning letter in Oct’19, the US FDA placed its Baddi unit in Himachal under an import alert 66 - 40.
An import 66-40 means company is not operating in conformity with current Good Manufacturing Practices (GMP).
The stock price today rose over 3% to hit an intraday high at Rs.417.15 and is currently trading at Rs.413 levels.