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Shares of pharma major Glenmark Pharma rose as much as 2.5 percent intraday Thursday as it has received tentative USFDA nod for Solifenacin Succinate tablets.
"Glenmark Pharmaceuticals Inc., USA has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Solifenacin Succinate tablets, 5 mg and 10 mg, which is a generic version of Vesicare tablets, 5 mg and 10 mg of Astellas Pharma US Inc," as per company release.
The Vesicare tablets achieved annual sales of approximately USD 1.1 billion for the 12 month period ending April 2017, as per IMS Health sales data.
The company's current portfolio consists of 117 products authorized for distribution in the US market place and 68 ANDA’s pending approval with the USFDA.
In addition to these internal filings, company continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.
On June 21, the company has entered into a licensing agreement with Boston-based APC Therapeutics Inc., for exclusive rights to a small molecule, oncology compound based on Antigen Presenting Cell (APC) biology.
At 09:25 hrs Glenmark Pharma was quoting at Rs 635.70, up Rs 7, or 1.11 percent on the BSE.
Posted by Rakesh Patil
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