Shares of this pharmaceutical company under the ‘mid-cap’ category jumped up to 3 percent in Wednesday’s trading session after the company announced a collaboration with a US-based subsidiary company to accelerate drug discovery in cancer treatments.
With a market capitalization of Rs 25,742.20 crores, the stocks of Glenmark Pharmaceuticals Limited opened their trading session on Wednesday at Rs 895.35 and closed at Rs 912.30 apiece. The company’s scrip witnessed an intra-day high price of Rs 922.25 exhibiting a gain of 3 percent compared to the previous close of Rs 895.30.
Such stock price movements were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced a collaboration with “Ichnos Sciences Inc.”, its subsidiary company based in the United States, and launched “Ichnos Glenmark Innovation” (IGI).
The collaboration combines the Pharma company’s research and development (R&D) proficiencies in small molecules with those of Ichnos in novel biologics to continue developing cutting‐edge therapy solutions that treat hematological malignancies and solid tumors.
The formed alliance will feature a robust pipeline of ‘three’ innovative oncology molecules targeting multiple myeloma, solid tumors, and acute myeloid leukemia.
“We are proud to announce the Ichnos Glenmark Innovation alliance, which brings together the legacy of Glenmark and passion of Ichnos to accelerate the search for curing cancer.”, commented Mr. Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Limited.
During the recent financial quarters, the company reported underperforming numbers as far as the operating revenues and after-tax profits are concerned. The former reduced from Rs 3,401 crores during Q1FY23-24 to Rs 3,207 crores during Q2FY23-24, and the latter, during the same period, shifted down from profits of Rs 173 crores to lossed of Rs 61 crores.
Incorporated in 1977, Glenmark Pharmaceuticals Limited is engaged in the business of developing, manufacturing, and marketing pharmaceutical products in India and other regions covering Europe, North America, Japan, and others.
The company provides branded as well as generic formulations in the areas of respiratory, dermatology, oncology, and various other active pharmaceutical ingredients (APIs).
Written by Amit Madnani
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