Glenmark Pharma anti-diabetes durg on signing licensing agreement with Torrent Pharma

Glenmark Pharmaceuticals shares rallied 3 percent intraday on July 11 after the company signed licensing agreement with Torrent Pharmaceuticals for co-marketing of anti-diabetes drug. Torrent Pharma shares also gained 1.8 percent intraday.

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Mumbai :  Glenmark Pharmaceuticals is currently trading at Rs. 453.20, up by 7.70 points or 1.73% from its previous closing of Rs. 445.50 on the BSE. The scrip opened at Rs. 449.70 and has touched a high and low of Rs. 454.15 and Rs. 449.70 respectively. So far 3587 shares were traded on the counter. The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 711.55 on 10-Sep-2018 and a 52 week low of Rs. 423.70 on 08-Jul-2019.

Glenmark will manufacture and supply Remogliflozin while Torrent will market the drug under its own trademark ‘Zucator’ in India.

Last one week high and low of the scrip stood at Rs. 454.90 and Rs. 423.70 respectively. The current market cap of the company is Rs. 12570.59 crore. The promoters holding in the company stood at 46.54%, while Institutions and Non-Institutions held 39.55% and 13.90% respectively. Glenmark Pharmaceuticals and Torrent Pharmaceuticals have entered into a non‐exclusive sub‐licensing agreement to co‐market sodium glucose co‐transporter‐2 (SGLT2) inhibitor, Remogliflozin Etabonate (Remogliflozin) in India.

“Company entered into a non-exclusive sub-licensing agreement to co-market sodium glucose co-transporter-2 (SGLT2) inhibitor, Remogliflozin Etabonate in India. Under the terms of the agreement, Glenmark will receive an upfront payment, license fees and royalties for the non-exclusive sub-license rights from Torrent,” the drug maker said in its BSE filing.

Under the terms of the agreement, the company will receive an upfront payment, license fees and royalties for the non‐exclusive sub‐license rights from Torrent. The company will manufacture and supply Remogliflozin while Torrent will market the drug under its own trademark ‘Zucator’ in India. Glenmark Pharmaceuticals is a global pharmaceutical company. The company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs). Its segments are India, United States, Latin America, Europe and Rest of the World (ROW).

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