Shares of drug maker Glenmark Pharmaceuticals rose 0.52 per cent to Rs 868. 45 a unit on BSE on Friday (March 31), a day that saw the benchmark Sensex down by at least 50 points. The rise in stock price was mainly on account of the market response to the US approval of Glenmark's generic version of Savella, one of the best sold new generation anti-depressants of US drug multinational Allergan Inc.
Glenmark's US generic subsidiary was granted tentative approval by the US Food & Drug Administration for its generic milnacipran hydrochloride tablets, 12.5 mg, 25 mg, 50 mg and 100 mg doses on Friday. The Mumbai-based company will be able to ship the product to the US market immediately after the final approval, which is expected from the regulator shortly.
Savella is one of the largest prescribed newer-generation antidepressants called selective serotonin and norepinephrine reuptake inhibitors (SNRIs). Allergan posted $154.4 million worth sales of this drug in 2016.
With this, Glenmark’s current portfolio in the US consists of 113 products authorized for distribution. The company, which is also active in drug discovery research and innovation-led drug development, is also awaiting US approval for another 65 products.
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.
BW Reporters
Unnikrishnan is currently Senior Associate Editor with BW Businessworld at its Mumbai Bureau. During his two decades long journalistic career, he has received several media awards and recognitions. His articles on healthcare, life sciences and intellectual property rights (IPR) have been republished by several international blogs and journals.
