Glenmark bags tentative USFDA approval for Clobetasol Propionate Foam

Glenmark has received tentative approval for Colobetasol Propionate Foam from the USFDA. The shares of the company were trading on the positive side in the early trading hours of Monday.

The United States Food and Drug Administration (USFDA) has given a tentative approval to pharma major Glenmark for Clobetasol Propionate Foam, 0.05% (Emulsion Formulation) which is a generic version of Olux-E1 Foam, 0.05%, of Mylan Pharmaceuticals, Inc.

Clobetasol propionate is a topical steroid used to treat the inflammation and itching caused by a number of skin conditions such as allergic reactions, eczema, and psoriasis. The IQVIA sales data states that Olux-E Foam, 0.05% market achieved annual sales of approximately US$13.2 million over 12 months period ending September 2018.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization. The company has a significant presence in the branded generics markets across emerging economies including India. It focuses on manufacturing products across therapeutic areas of dermatology, respiratory and oncology.

On Monday, at 9:57 hours, the shares of the company were trading at Rs. 641.40 per share, up by 0.56 per cent or by 3.55 points. The intraday high was Rs. 647.85 and intraday low was Rs. 637.85 per share on the BSE. Its 52-week high was Rs. 711.55 and 52-week low was Rs. 483.60 per share on the BSE. Meanwhile,the BSE Sensex was at 35,007.92 level, up by 0.08 per cent and the Nifty50 was at 10,532.80 level, up by 0.05 per cent.