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Glenmark gains on receiving Orphan Drug Designation for GBR 1342

Glenmark Pharmaceuticals is currently trading at Rs. 376.45, up by 2.90 points or 0.78% from its previous closing of Rs. 373.55 on the BSE.

The scrip opened at Rs. 372.95 and has touched a high and low of Rs. 378.50 and Rs. 372.65 respectively. So far 1303 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 706.90 on 31-Dec-2018 and a 52 week low of Rs. 353.35 on 23-Aug-2019.

Last one week high and low of the scrip stood at Rs. 393.65 and Rs. 364.80 respectively. The current market cap of the company is Rs. 10540.39 crore.

The promoters holding in the company stood at 46.58%, while Institutions and Non-Institutions held 38.72% and 14.71% respectively.

Glenmark Pharmaceuticals has been granted Orphan Drug Designation by US Food and Drug Administration (USFDA) to its bispecific antibody candidate GBR 1342 for the treatment of patients with multiple myeloma who have received prior therapies.

Derived from the company’s proprietary BEAT (Bispecific Engagement by Antibodies based on the T cell receptor) technology, GBR 1342 is being investigated for the treatment of multiple myeloma. The candidate is one of five clinical-stage assets in the pipeline of Glenmark’s new innovation company.

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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