Glenmark Pharma up by 2 per cent on USFDA nod for Hailey 24

Pharma major, Glenmark Pharmaceuticals received the final nod of USFDA for Hailey 24 Fe. The stock of the company surged by over 2 per cent in the intraday trade on Monday. Hailey 24 Fe (Norethindrone Acetate and Ethinyl Estradiol tablets, USP and Ferrous Fumarate tablets), 1 mg/20 mcg, is the generic version of Loestrin tablets for the prevention of pregnancy.
 
According to the company’s statement, IQVIATM sales data has recorded an annual sale of about US$ 96.7 million for the Loestrin 24 Fe tablets market for a period of 12 months up to September 2017.
 
At present, the company’s portfolio comprises of 128 products authorized for the distribution in the US. The company also has over 59 Abbreviated New Drug Applications (ANDA) pending approval with the USFDA.
 
Glenmark Pharmaceuticals hit an intraday high of Rs. 595.55 per share and an intraday low of Rs. 586.90 per share on BSE on Monday. The stock had hit its 52-week high of Rs. 973.10 per share on February 7,  2017  and its 52-week low of Rs. 565 per share on November 16,  2017  on BSE, respectively. At 1059 hours IST, the stock was trading at Rs. 589.05 per share, higher by 0.90  per cent .