Glenmark Pharma receives ANDA approval for its generic drug

On Thursday Glenmark Pharmaceuticals has announced that it has been granted final approval by the United States Food & Drug Administration (USFDA) for its Rufinamide Tablets USP, which is a therapeutic equivalent of Banzel tablet. According to the IMS health sales data for the 12 month period ending March 2016, the Banzel market has achieved an annual sales of  approximately $ 155 million.

Glenmark's current portfolio consists of 113 products authorised for distribution in the U.S marketplace; and 63 ANDA's pending approval with the US FDA.

Glenmark Pharmaceuticals Ltd. (GPL) is a research driven, global, integrated pharmaceutical company head quartered at Mumbai, India. GPL is ranked among the top 80  Pharma and Biotech companies of the world in terms of revenues. GPL has a significant presence in the branded generics' markets across all emerging economies including India. GPL along with its subsidiary has 16 manufacturing facilities across five countries and boasts of six R&D centres. The generic business of GPL services the US and western European market requirements.

Glenmark Pharma is trading firm on Thursday, up by about 1.62 percent at 863.55, on an intra day basis, even as the broader market reflected by BSE Sensex is trading negative at 25,626; down by 0.3 percent. The counter is trading below its 200 day Simple Daily Moving Average (SDMA), indicating bearishness in the scrip. However the 200 day SDMA level is within reach for the stock and it will be interesting to see if the stock crosses its 200 day SDMA in a hurry with increasing volumes.

Over a 1 year period the stock has been down by almost 5 percent.