Nifty Pharma declines 1% led by Biocon, Divis Lab, Dr Reddy’s

However, shares of Glenmark and Lupin gained ~1% each.

May 09, 2019 07:05 IST India Infoline News Service

The Nifty Pharma index declined 1% on Thursday amid heavy selling pressure seen in Biocon, Divis Lab, Dr Reddy’s, and Sun Pharma.

Shares of Biocon, which were trading 3% down, were leading the index’s fall. Shares of Dr Reddy’s and Divis Lab declined 2% each. Shares of Aurobindo Pharma, Sun Pharma, and Cipla dropped 1% each.

However, shares of Glenmark and Lupin gained 1% each.

Shares of Glenmark Pharma gained on announcement of positive results from a Phase 3 study of Ryaltris, an investigational fixed-dose combination nasal spray for the treatment of seasonal allergicrhinitis (SAR).

As per press note released by the company on Thursday, the study in patients aged 6 to under 12 years met its primary endpoint in achieving clinically meaningful and statistically significant change from baseline in average morning and evening Reflective Total Nasal Symptom Score (rTNSS) compared to placebo.

Ryaltris (olopatadine hydrochloride [665 mcg] and mometasone furoate [25 mcg]), also known as GSP 301 Nasal Spray, has been conditionally accepted by the FDA as the brand name, the company added. 

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