The company made this announcement during trading hours today, 7 May 2012.
Meanwhile, the BSE Sensex was up 8.49 points or 0.05% to 16,839.57.
On BSE, 28,000 shares were traded in the counter as against average daily volume of 41,052 shares in the past one quarter.
The stock hit a high of Rs 338.55 and a low of Rs 325 so far during the day. The stock had hit a 52-week low of Rs 262.70 on 11 May 2011. The stock had hit a 52-week high of Rs 351.20 on 26 July 2011.
The mid-cap stock had outperformed the market over the past one month till 4 May 2012, rising 10.09% compared with the Sensex's 3.75% fall. The scrip had also outperformed the market in past one quarter, surging 14.85% as against Sensex's 4.4% fall.
The company has an equity capital of Rs 27.05 crore. Face value per share is Re 1.
The Glenmark Pharmaceuticals stock had surged 4.88% in three trading sessions to settle at Rs 340 on Friday, 4 May 2012, from a recent low of Rs 324.15 on 30 April 2012.
Glenmark Generics Inc, USA, the subsidiary of Glenmark Generics (GGL) has secured approval from US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Lamotrigine tablets in 25 milligram (mg), 100 mg, 150 mg and 200 mg strengths. Lamotrigine tablets are generic version of Lamictal by GlaxoSmithkline.
Lamotrigine is an antiepileptic drug indicated for Epilepsy and Bipolar Disorder. According to IMS Health sales data, Lamotrigine tablets had sales of $62 million in the United States (US) for the 12 months ended December 2011.
Glenmark's current portfolio consists of 80 products authorized for distribution in the US marketplace and 38 ANDAs pending approval with the USFDA. In addition to these internal filings, GGL continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio, Glenmark Pharmaceuticals said in a statement.
Glenmark Generics is a subsidiary of Glenmark Pharmaceuticals. The company has an established presence in North America, a developing European Union (EU) presence and in Argentina and maintains marketing front-ends in these countries. It primarily sells its FDF products in the US and the EU, as well as its oncology FDF products in South America. The company supplies APIs to customers in approximately 80 countries, including the US, various countries in the EU, South America and India.
On a consolidated basis, Glenmark Pharmaceuticals' net profit fell 46.7% to Rs 46.12 crore on 37.7% growth in net sales to Rs 1031.09 crore in Q3 December 2011 over Q3 December 2010. The company unveils FY 2012 results tomorrow, 8 May 2012.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai. It is a leading player in the discovery of new molecules, both NCEs (new chemical entity) and NBEs (new biological entity).