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Last Updated : Oct 09, 2019 10:14 AM IST | Source: Moneycontrol.com

Glenmark Pharma down 1% despite tentative USFDA nod for multiple sclerosis drug

The company's portfolio consists of 161 products authorised for distribution in the US marketplace.

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Shares of Glenmark Pharma declined over 1 percent intraday on October 9. The company has received tentative approval by the United States Food  and Drug Administration (USFDA) for Dimethyl Fumarate delayed‐release capsules.

The approval to Glenmark Pharmaceuticals Inc, USA has been granted for 120 mg and 240 mg of Dimethyl Fumarate delayed‐release capsules, a generic version of Tecfidera capsules of Biogen Inc, the company said in a BSE release.

The drug is used for treating patients with relapsing forms of multiple sclerosis.

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According to IQVIATM sales data for the 12 month period ending August 2019, the Tecfidera capsules’ 120 mg and 240 mg market achieved annual sales of approximately $3.7 billion.

The pharma giant’s current portfolio consists of 161 products authorised for distribution in the US and 49 ANDA’s pending approval with the USFDA.

At 0945 hours, Glenmark Pharma was quoting at Rs 283.55, down Rs 2.75, or 0.96 percent on the BSE.

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First Published on Oct 9, 2019 10:14 am
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