Glenmark Pharma share price jumped up over a percent after the company received tentative approval from the US health regulator for a cancer drug. The drug major received this nod from the US Food and Drug Administration (FDA) for Axitinib tablets used in the treatment of kidney cancer. The product is the generic version of Inlyta tablets of PF Prism CV. This approval if signalled green is strictly limited to Axitinib tablets in the strength of 1 mg and 5 mg, the company said in a regulatory filing.
The stock was trading at Rs 478.85, up to Rs 7.65, or 1.62 %, as of 12:16 am. It has reached an intraday high of Rs 480.55 and an intraday low of Rs 473.65.
Glenmark Pharmaceuticals Limited is a pharmaceutical company headquartered in Mumbai, India that was founded in 1977 by Gracias Saldanha as a generic drug and active pharmaceutical ingredient manufacturer; he named the company after his two sons. The company initially sold its products in India, Russia, and Africa.
Glenmark has focused on building a global Innovative/Specialty, Generics and OTC business in the therapy areas of Dermatology, Respiratory and Oncology. It also has a strong regional/country-specific presence in other therapeutic areas like diabetes, cardiovascular and oral contraceptives. This year Glenmark Pharmaceuticals secured its position in the prestigious Dow Jones Sustainability Emerging Markets Index for the second year in a row.
Axitinib is a small molecule tyrosine kinase inhibitor developed by Pfizer. It has been shown to significantly curb the growth of breast cancer in animal models and has shown partial responses in clinical trials with renal cell carcinoma and several other tumour types.
