Glenmark Pharmaceuticals shares soared to a record high on Monday, following the launch of a new eye allergy drug in the US market by its subsidiary, Glenmark Therapeutics Inc. The company introduced Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1% (OTC), which aims to compete with Pataday Twice Daily Relief, a product with annual sales of approximately $26.4 million.
The launch marks a significant step in meeting the growing demand for new options in this category, according to Fabio Moreno, head of OTC Sales & Marketing at Glenmark Pharmaceuticals Inc. Investors cheered the news, pushing the stock up by as much as 4.51% to an all-time high of Rs 1,636.40 apiece. Although the stock pared some of its gains, it still traded 4.37% higher at Rs 1,634.25 apiece as of 12:20 p.m.
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