Glenmark Pharmaceuticals Share Price Rise After Getting USFDA’s Final Approval For Saxagliptin Tablets

Glenmark Pharmaceuticals has gained final FDA clearance for Saxagliptin Tablets, 2.5 mg and 5 mg, the generic equivalent of AstraZeneca AB’s Onglyza Tablets, 2.5 mg and 5 mg. Glenmark Pharmaceuticals in the USA will market Saxagliptin Tablets, 2.5 mg and 5 mg, in the United States.  

According to IQVIATM sales statistics for the 12-month period ending June 2023, the Onglyza Tablets, 2.5 mg, and 5 mg market had annual sales of about USD 100.7 million.   

Glenmark’s current portfolio includes 184 medications that are authorised for distribution in the United States, as well as 49 ANDAs that are awaiting FDA clearance. 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.   

Glenmark Pharmaceuticals is a global research-led pharmaceutical company with a presence across Generics, Specialty and OTC businesses with operations in over 50 countries. The Company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs).  

Specialty Business: Drug Discovery: Glenmark’s ground-breaking drug discovery effort is primarily focused in the areas of inflammation [asthma/COPD, rheumatoid arthritis, etc.], metabolic disorders [diabetes, obesity, etc.] and pain [neuropathic pain and inflammatory pain].  

Specialty Business: Formulations Business: Glenmark’s formulations business is currently organized in many regions – India, Latin America, Central Eastern Europe and Semi Regulated Markets of Africa/Asia/CIS. The formulation business focuses on therapeutic areas viz. dermatology, anti-infective, respiratory, cardiac, diabetes, Gynecology, CNS, and oncology. 

Glenmark Pharmaceuticals is currently trading at Rs 794.40, up by 6.20 points or 0.79% from its previous closing of Rs 788.20 on the BSE. The scrip opened at Rs 799.55 and has touched a high and low of Rs 799.55 and Rs 790.00 respectively. So far 3085 shares were traded on the counter. 

The BSE group ‘A’ stock of face value of Rs 1 has touched a 52-week high of Rs 832.90 and a 52-week low of Rs 361.70. Last one week high and low of the scrip stood at Rs 832.90 and Rs 784.00 respectively. The current market cap of the company is Rs 22,240.49 crore. The promoters holding in the company stood at 46.65%, while Institutions and Non-Institutions held 34.67% and 18.69% respectively. 

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