Glenmark commercialise 3 respiratory products with Novartis

The two companies will promote three respiratory products in Brazil. Also, the stock is facing negative sentiments due to USFDA's CRL report regarding Ryaltris nasal spray.

Glenmark Pharmaceuticals informed the its subsidiary in Brazil Glenmark Farmacêutica Ltda has entered a partnership with Novartis Biosciences, a subsidiary of Novartis AG to commercialise three respiratory products in Brazil. As per the terms of the agreement, Novartis will continue to be the holder of the registration of these medicines and manufacture the products, while Glenmark will exclusively promote, commercialise and distribute them in Brazil.

Three respiratory products namely, Seebri (Glycopyrronium bromide), Onbrize (Indacaterol) and Ultibro (combination of Indacaterol and Glycopyrronium) are indicated for treatment of the symptoms of chronic obstructive pulmonary disease (COPD). The agreement will strengthen Glenmark’s respiratory portfolio in Branzil and will be effective from July 1, 2019.

Earlier last week, Glenmark received a Complete Response Letter (CRL) from the US Food and Drug Administration (USFDA) for its new drug application Ryaltris nasal spray (olopatadine hydrochloride, 665 mcg and mometasone furoate 25 mcg). The CRL stated deficiencies in the company's Drug Master File (DMF) regarding one of the active pharmaceutical ingredients (APIs) and in its manufacturing plant.

Reacting to these developments, the stock of Glenmark Pharmaceutical was facing selling pressure on Monday at Rs. 465.80 per share, down by Rs. 34.40 or 6.88 per cent on BSE.