Glenmark Pharmaceuticals shares gained over 2 per cent in morning trade on Wednesday after the company received a tentative nod from the US health regulator for generic version of Sanofi-Aventis’ cardiac drug Multaq.
In a BSE filing, Glenmark said it “has been granted tentative approval by the US Food & Drug Administration (USFDA) for its Dronedarone Tablets, 400 mg, the generic version of Multaq Tablet, 400 mg of Sanofi-Aventis U.S. LLC.”
At 12.17 pm, share price of the company was trading 0.13 per cent up at Rs 934.05. The scrip opened at Rs. 935.00 and has touched a high and low of Rs 954.45 and Rs 920, respectively, in trade so far. Later, the shares closed 2.80 per cent down at Rs 906.65.
The promoters holding in the company stood at 46.45 per cent while institution and non-institutions held 42.81 per cent and 10.74 per cent respectively.
So far, around 0.36 lakh shares of Glenmark Pharmaceuticals exchanged hands on the BSE as compared with two-week average daily volume of 0.23 lakh shares.
Glenmark, however, cannot sell the product in the US as it is involved in a patent litigation with Sanofi in the district court of Delaware.
The company’s current portfolio consists of 104 products authorised for distribution in the US marketplace and 62 Abbreviated New Drug Applications (ANDA) pending approval with the USFDA.