The phase III clinical trial for Nitric Oxide Nasal Spray is expected to be completed, followed by commercial launch under the brand name FabiSpray in India, by the fourth quarter of 2021.
The public issue will have fresh issue of equity shares worth up to Rs 1,060 crore and sale of up to 63 lakh equity shares by Glenmark Pharma.
The approved product is a generic version of Brovana Inhalation Solution, 15 mcg/2 mL, of Sunovion Pharmaceuticals Inc.
The company had posted a net profit of Rs 220.30 crore in the corresponding period of the previous fiscal, Glenmark said in a late regulatory filing on Friday.
Hereditary angioedema is a disorder that results in recurrent attacks of severe swelling.
The board of directors of Glenmark Pharmaceuticals Ltd during its meeting on April 16 approved the offer for sale of up to 73,05,245 equity shares of Rs 2 apiece as part of the IPO.
The loan to Glenmark will help it increase the availability of affordable, quality medicines in the country as well in other countries, including treatment for the pandemic.