Glenmark Pharmaceuticals trades higher on entering into agreement with Eris Oaknet Healthcare

Glenmark Pharmaceuticals is currently trading at Rs. 421.00, up by 4.55 points or 1.09% from its previous closing of Rs. 416.45 on the BSE.

glenmark pharmaceuticals arm receives anda approval for solifenacin succinate tablets
Glenmark Pharmaceuticals

The scrip opened at Rs. 420.00 and has touched a high and low of Rs. 421.75 and Rs. 414.70 respectively. So far 7135 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 521.35 on 18-Jan-2022 and a 52 week low of Rs. 348.90 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 427.20 and Rs. 414.25 respectively. The current market cap of the company is Rs. 11876.46 crore.

The promoters holding in the company stood at 46.65%, while Institutions and Non-Institutions held 34.08% and 19.27% respectively.

Glenmark Pharmaceuticals has entered into an agreement with Eris Oaknet Healthcare, a wholly owned subsidiary of Eris Lifesciences to divest the Tail Brands from its dermatology segment, for India and Nepal territories, for a consideration amount of Rs 340.48 crore.

The divested Tail Brands include Onabet, Halovate, Sorvate, Luligee, Demelan, Aceret, Dosetil, Revize, and Powercort, and their sub-brands.

According to IQVIA sales data (SSA MAT Dec. 2022) for the 12-month period ending December 2022, Glenmark is ranked second in the dermatology therapy area in India.

This divestment is in line with Glenmark’s strategy of focusing on its leading brands in the dermatology segment. Going forward, the company will continue to further consolidate its position in its core therapeutic areas of cardiometabolic, respiratory, dermatology, and oncology.

Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries.

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