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19-Jul2017

Glenmark gains on entering into exclusive agreement with Cyndea Pharma

Glenmark Pharmaceuticals is currently trading at Rs. 697.35, up by 5.70 points or 0.82% from its previous closing of Rs. 691.65 on the BSE.

The scrip opened at Rs. 692.00 and has touched a high and low of Rs. 699.50 and Rs. 692.00 respectively. So far 3,985 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 993.00 on 01-Nov-2016 and a 52 week low of Rs. 600.00 on 29-May-2017.

Last one week high and low of the scrip stood at Rs. 699.50 and Rs. 677.00 respectively. The current market cap of the company is Rs. 19,638.00 crore.

The promoters holding in the company stood at 46.50%, while Institutions and Non-Institutions held 40.80% and 12.70% respectively.

Glenmark Pharmaceuticals has entered into a development, license, manufacture and commercial supply agreement with Cyndea Pharma S.L., granting exclusive rights to use their technology for developing generic, soft-gelatin capsule formulations of certain pharmaceutical products.

Under this agreement, Glenmark receives exclusive rights to the United States and Canada markets for these soft-gelatin formulations in exchange for sharing development costs and profits from future sales. In addition, the agreement provides for the companies to add further soft-gelatin product candidates for development and commercialization, as new branded, soft gelatin, capsule-based drug products become available in the marketplace.

Glenmark is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of oncology, dermatology and respiratory.



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