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Shares of Glenmark Pharmaceuticals climbed as much as 2.1 per cent to Rs 563 as the company has received final approval from the US health regulator for Colesevelam Hydrochloride for oral suspension, used to lower cholesterol levels in the blood.
The approval has been granted by the United States Food and Drug Administration in the strengths of 1.875 grams/packet and 3.75 grams/packet. The approved product is a generic version of Daiichi Sankyo Inc’s Welchol.
Glenmark Pharma shares opened the session at Rs 555.10 against Monday's close of Rs 551.60. The stock touched an intraday high of Rs 563 and a low of Rs 553 before quoting at Rs 560.20, up 1.56 per cent at 12.35 pm local time. In terms of equity volume, 0.38 lakh shares were traded on the BSE.
On Monday, the stock fell as much as 3.5 per cent to Rs 545.10, their lowest since June 8, as the Competition Commission had imposed a penalty totalling nearly Rs 47 crore on Glenmark Pharmaceuticals, its three officials, two other pharma companies and four Gujarat-based chemists’ associations for indulging in unfair business practices.
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