Glenmark Pharma gains as its arm receives final ANDA approval for Eszopiclone Tablets

Glenmark Pharmaceuticals is currently trading at Rs. 584.95, up by 3.60 points or 0.62% from its previous closing of Rs. 581.35 on the BSE. The scrip opened at Rs. 583.00 and has touched a high and low of Rs. 587.00 and Rs. 582.50 respectively. So far 7000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 612.00 on 12-Jul-2013 and a 52 week low of Rs. 467.50 on 26-Apr-2013. Last one week high and low of the scrip stood at Rs. 594.00 and Rs. 561.40 respectively. The current market cap of the company is Rs. 15866.58 crore. The promoters holding in the company stood at 48.28% while Institutions and Non-Institutions held 41.03% and 10.68% respectively. Glenmark Generics Inc., USA a subsidiary of Glenmark Generics has been granted final abbreviated new drug approval (ANDA) from the United States Food and Drug Administration (USFDA) for Eszopiclone Tablets. Glenmark will commence distribution of the product immediately. Eszopiclone Tablets are Glenmark’s generic version of Sunovion’s Lunesta. Eszopiclone is indicated for the treatment of insomnia. The approval is for the 1mg, 2mg and 3mg tablets. Lunesta garnered annual sales of $824 million according to IMS Health, for the 12 month period ending December 2013. Glenmark’s current portfolio consists of 91 products authorized for distribution in the US marketplace and 63 ANDA’s pending approval with the USFDA. In addition to these internal filings, GGI continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio.