The company made this announcement during trading hours today, 24 December 2009.
Meanwhile, the BSE Sensex was up 104.90 points, or 0.61%, to 17,336.01.
On BSE, 5.88 lakh shares were traded in the counter as against an average daily volume of 4.88 lakh shares in the past one quarter.
The stock hit a high of Rs 287.05 and a low of Rs 279.80 so far during the day. The stock had hit a 52-week high of Rs 312 on 6 January 2009 and a 52-week low of Rs 119.15 on 5 February 2009.
The large-cap stock had outperformed the market over the past one month till 23 December 2009, rising 11.72% as compared to the Sensex's 0.30% rise. It had also outperformed the market in the past one quarter, gaining 27.26% as compared to the Sensex's return of 3.06%.
The company's equity capital is Rs 26.97 crore. Face value per share is Rs 1.
The current price of Rs 283.10 discounts the company's Q2 September 2009 annualized EPS of Rs 8.53, by a PE multiple of 33.19.
Glenmark Generics Inc of United States received tentative approvals from US Food & Drug Administration for Pramipexole dihydrocholoride tablets and Atomaxetine hydrochloride capsules in multiple strengths
The generic version of Pramipexole dihydrocholoride tablet is Boehringer Ingelheim's Mirapex tablets. According to IMS Health, these tablets generated sales of $487 million in US market in the 12 months period ended September 2009.
Atomaxetine hydrochloride capsule is the generic version of Lilly's Strattera and is used for treating attention-deficit/ hyper activity disorder. According to IMS Health, the drug had generated sales of $487 million in US market for the 12 months period ended September 2009.
Last month Glenmark Generics settled all pending litigations with Medicis Pharmaceutical relating to patent actions regarding Fluocinonide. Fluocinonide is the generic version of Medicis' Vanos cream and Ciclopirox Olamine, the generic version of Medicis' Laprox gel.
Under the terms, Glenmark Pharmaceuticals will be able to market and distribute its generic version of Vanos cream under license from Medicis in early December 2013. In addition, Glenmark would have a license to launch a generic version of Laprox gel, supplied by Medicis immediately.
Glenmark Pharma had on 16 November 2009 signed a pact with Medicis Pharmaceuticals to co-develop and commercialize a specialty pharmaceutical product in North America. Glenmark Pharma will receive a one-time upfront payment of $5 million. The company will also be eligible to receive additional payments upon achieving certain development milestones and royalty upon commercialization. The product is used for treating acne vulgaris.
Glenmark Pharmaceuticals' net profit declined 14% to Rs 57.50 crore on 4.4% rise in net sales to Rs 235.83 crore in Q2 September 2009 over Q2 September 2008.
Glenmark Pharmaceuticals manufactures and markets pharmaceutical ingredients. Currently, the company has 11 drug compounds at various stages of research development for treatment of diseases such as inflammation, heart ailments, metabolic disorders and cancer.