Glenmark Pharma share price rises nearly 3% on tentative approval from USFDA

Glenmark Pharma share price rose nearly 3 percent intraday on December 21 after the company received tentative approval from United States Food & Drug Administration (USFDA).

The company has received tentative approval by the United States Food & Drug Administration (USFDA) for Dabigatran Etexilate Capsules, 75 mg, 110 mg, and 150 mg, the generic version of Pradaxa Capsules, 75 mg, 110 mg, and 150 mg, of Boehringer Ingelheim Pharmaceuticals, Inc. The Pradaxa capsules, 75 mg, 110 mg, and 150 mg market2 achieved annual sales of approximately USD 550.9 million, as per IQVIATM sales data for the 12 month period ending October 2020. Glenmark's current portfolio consists of 166 products authorized for distribution in the US marketplace and 45 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.

The share touched its 52-week high of Rs 572.70 and 52-week low of Rs 168 on 22 June, 2020 and 13 March, 2020, respectively. Currently, it is trading 7.86 percent below its 52-week high and 214.11 percent above its 52-week low.