Friday, 26 May 2017

Glenmark Pharma up nearly 3% on US FDA nod for generic drug

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Shares of Glenmark Pharmaceuticals rose nearly 3 per cent on the Bombay stock Exchange after the drug maker said that it has received final approval from US FDA for its generic version Olmesartan Medoxomil Tablets, used in treatment of high blood pressure. Following the announcement, shares of the company gained as much as 2.73 per cent to hit intra-day high of Rs 628.70 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 618.40 against previous close price of Rs 611.95.

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