Glenmark shares rally on USFDA approval - The New Indian Express

Glenmark shares rally on USFDA approval

Published: 15th July 2014 12:19 PM

Last Updated: 15th July 2014 12:19 PM

Glenmark Pharmaceuticalswitnessed a sharp share price riseon Tuesday after the company's arm Glenmark Genericsreceived final approval from the United States Food and Drug Administration (US FDA). Theabbreviated new drug application (ANDA) approval isfor Fluocinonide Cream USP 0.1%, the generic version of Vanos Cream by Medicis.

Fluocinonide Cream is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses.

According to IMS Health sales data for the 12 month period ending March 2014, Fluocinonide Cream garnered annual sales of approximately USD 103 million.

Shares of the companygained Rs 12.45, or 2.31%, to trade at Rs 551.60 at the BSE (10.36 a.m., Tuesday). The scrip has touched an intra-day high of Rs 557 and low of Rs 542. The total volume of shares traded at the BSE is 22,453.

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