Glenmark Pharma closed flat post ANDA approval

Glenmark Pharmaceuticals got final approval from the United States Food & Drug Administration (USFDA) for Pimecrolimus Cream. Despite this development, the stock of the company closed by only 0.7 per cent more than its previous closing price.

Pimecrolimus Cream, 1 per cent is a generic version of Elidel 1 Cream, 1 per cent of Bausch Health US, LLC. Elidel Cream, 1 per cent marked annual sales of approximately US$198.8 million as per sales data for the twelve month period ended July 2019. Currently, Glenmark has a portfolio consisting of 160 products authorized to be distributed in the markets located in United States of America marketplace and around 55 ANDAs which are pending for approval from the USFDA.

Additionally, the company stated in a press release that it continues exploring and identifying external development partnerships for supplementing and accelerating the growth of its existing pipeline and portfolio.

Glenmark Pharmaceuticals Limited is a pharmaceutical company manufacturing generic drugs and active pharmaceutical agents also known as APIs. The company is involved in discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). It has many molecules in various stages of clinical development and is focusing in the areas of oncology, dermatology and respiratory.

On Friday, the stock of the company closed at Rs. 386.20, up by 0.7 per cent or Rs. 2.7 per share. The 52-week high of the stock is Rs. 711.55 and 52-week low is Rs. 353.65 on BSE.