Glenmark Pharma rises 3% on ANDA nod to blood pressure drug, credit rating assurance
The company received approval for Olmesartan Medoxomil tablets. It also told the exchanges that S&P Global Ratings had reaffirmed its credit rating as BB as part of annual review cycle.
May 26, 2017 / 10:11 AM IST
Shares of Glenmark Pharma soared nearly 3 percent intraday on Friday as investors cheered the twin news flow given by the company.
Glenmark Pharma told the bourses that it had received ANDA approvals for Olmesartan Medoxomil tablets, which are used to treat high blood pressure. "Glenmark’s Olmesartan Medoxomil Tablets will be manufactured by Glenmark Pharmaceuticals Limited in its manufacturing facility located in Goa, India.," the company said.
The pharmaceutical major also informed the exchanges that S&P Global Ratings reaffirmed its credit rating as ‘BB' as part of their annual review cycle. In addition, they have affirmed 'BB' issue rating on the senior unsecured notes issued last year.
With the overall weakness in the pharma sector, the stock lost over 31 percent in the past one month, while its three-day loss stood at 5 percent. At 10:06 hrs, the stock was quoting at Rs 620.20, up Rs 8.25, or 1.35 percent on the BSE. It touched an intraday high of Rs 628.70 and an intraday low of Rs 611.95.