Moneycontrol Bureau
Shares of Glenmark Pharma climbed 2.8 percent intraday Tuesday on receiving approval from US Food & Drug Administration (USFDA) for its cholesterol lowering drug Ezetimibe.
Merck is the innovator of the drug with product name Zetia.
Glenmark has sole exclusivity for 180 days but it can not launch the drug in US market immediately as it has out of court settlement with Merck. It had settled patent litigation case with Merck for its cholesterol lowering drug Ezetimibe in May 2010.
As per settlement agreement, the Mumbai-based pharma company can launch the drug in December 2016 for 134 days sole exclusivity, ahead of the 25 April, 2017 expiration of Merck’s patent exclusivity for Zetia.
The market size for this drug is USD 2 billion. Analysts expect USD 240 million in revenue for Glenmark in 134 days of exclusivity.
At 09:25 hours IST, the scrip of Glenmark Pharma was quoting at Rs 992, up Rs 19.15, or 1.97 percent on the BSE.
Posted by Sunil Shankar Matkar
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
