Glenmark stocks rise to record; USFDA gives nod for oral contraceptive drug

Shares of Glenmark Pharmaceuticals rose 5.9 per cent intraday to mark its record high as it received final approval from the the United States Food & Drug Administration (USFDA) to sell oral contraceptive – drospirenone and ethinyl estradiol tablets – in the US market.

Glenmark Pharmaceuticals Ltd stocks closed 3.48 per cent higher at Rs 1200.45. The BSE Healthcare index gained 2.63 per cent at 18,368.

“Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Drospirenone and Ethinyl Estradiol tablets USP, 3 mg/0.02 mg,” the company said in a BSE filing.

The product is generic version Bayer’s Yaz tablets.

Glenmark said it plans to commence shipping of drospirenone and ethinyl Estradiol tablets immediately.