Shares of Glenmark Pharma zoomed over 5 per cent to hit an intraday high of Rs 466.15 on BSE after the company informed that it has received final approval by the United States Food and Drug Administration (U.S. FDA) for its Lacosamide tablets USP, 50 mg, 100 mg, 150 mg and 200 mg, the generic version of Vimpat 2 Tablets, 50 mg, 100 mg, 150 mg and 200 mg of UCB, Inc.
The company plans to launch the product immediately.
According to IQVIATM sales data for the 12-month period ending January 2022, the Vimpat Tablets, 50 mg, 100 mg, 150 mg and 200 mg market3 achieved annual sales of approximately $1.7 billion.
The stock closed 2.50 per cent higher at Rs 455 against the previous close of Rs 443.90. With a market capitalisation of more than Rs 12,800 crore, the shares stand higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages
Commenting on the development, Robert Crockart, Chief Commercial Officer, Glenmark Pharmaceuticals Ltd, said, “The FDA approval for generic Lacosamide Tablets USP reiterates our ongoing commitment to make treatment options more accessible for patients. We look forward to quickly launching this product in the U.S. market.”
Glenmark’s current portfolio consists of 174 products authorized for distribution in the U.S. marketplace and 45 ANDA’s pending approval with the U.S. FDA.
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 company said.
According to MarketsMojo, the company has declared Positive results for the last 3 consecutive quarters. Also, the stock is trading at a discount compared to its average historical valuations and has a Very Attractive valuation.
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