Glenmark Pharma shares were trading almost 3% higher on Wednesday morning after the Mumbai-based drug firm announced that its Switzerland-based unit, Glenmark Specialty S.A., entered into an exclusive licensing agreement with Menarini Group (Menarini) for Ryaltris.
The company in its press release said Glenmark Specialty has entered into an exclusive licensing agreement with the Menarini Group for commercialising its innovative nasal spray Ryaltris across 33 countries in Europe, including the Balkan region.
Developed by Glenmark, Ryaltris is a novel fixed-dose combination nasal spray of an anti-histamine and a steroid, indicated for the treatment of symptoms associated with seasonal allergic rhinitis (SAR) in patients over 12 years of age.
Reversing from 4 days of consecutive fall, Glenmark Pharma stock opened higher at Rs 488 and gained 2.86% to hit the day's high of Rs 497.70 against the last close of Rs 483.85. Glenmark Pharma stock also hit an intraday low of Rs 487.60.
Glenmark Pharma share has lost 6% in the last one week. Glenmark Pharma stock is trading higher than 50, 100 and 200-day moving averages but lower than 5, 20-day moving averages. The stock has hit a 52 week high of Rs 572.70 and 52 week low of Rs 168.
Market capitalisation of the company stood at Rs 13,925 in today's session. Glenmark Pharma has risen over 2.68% in a month. The stock has risen 41% since the beginning of the year and 39% in one year.
Under the terms of the agreement, Glenmark will be responsible for the continued development and regulatory approval of Ryaltris in these markets, the company said in a statement. Menarini will be responsible for the scientific information and the commercialization of Ryaltris in those markets, following regulatory approval. Glenmark will receive an upfront payment as well as launch & sales-based milestone payments from Menarini for Ryaltris sales, it added.
Earlier on December 21, Glenmark Pharma announced that it has received tentative approval from 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.Glenmark Pharma share closed 2.47% higher at Rs 495.80 on BSE today.