Glenmark Pharma shares gain on US FDA nod for Saxagliptin tablets

A meeting of the board of directors will be held on August 11, 2023, to consider and approve the unaudited financial results of the company for the first quarter ended June 30, 2023.

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Glenmark Pharmaceuticals share price were up 0.6 percent at Rs 793.15 at 9.23am on August 1 after the company said it had received the USFDA approval for Saxagliptin tablets.

The company received the final USFDA approval for Saxagliptin Tablets 2.5 mg and 5 mg, the generic version of Onglyza Tablets of AstraZeneca AB.

Glenmark Pharmaceuticals Inc, USA will distribute Saxagliptin tablets in the US market.

The Onglyza tablets has achieved annual sales of approximately $100.7 million, according to IQVIATM sales data for the 12‐month period ending June 2023.

Glenmark’s current portfolio consists of 184 products authorised for distribution in the US marketplace and 49 ANDAs pending approval with the US FDA.

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A meeting of the board of directors will be held on August 11 to consider and approve the unaudited financial results of the company for the first quarter ended June 30.

The share touched a 52-week high of Rs 832.90 and a 52-week low of Rs 361.70 on July 27, 2023 and August 29, 2022, respectively. The stock is trading 4.77 percent below its 52-week high and 119.28 percent above its 52-week low.