Glenmark gains on bagging approval for diabetes drug

Shares of Glenmark Pharmaceuticals gained almost 3 per cent intraday after the company received regulatory approval to commercialise the combination drug under the brand names ‘Remo‐M’ and ‘Remozen‐M’.

Glenmark Pharmaceuticals has received regulatory approval to market sodium-glucose co‐transporter‐2 (SGLT2) inhibitor Remogliflozin etabonate (Remogliflozin) and Metformin Hydrochloride (Metformin) film-coated tablets in India. The drug is indicated for the treatment of Type‐2 diabetes mellitus in adults. The company will commercialise the product under the brand names ‘Remo‐M’ and Remozen‐M’

Glenmark Pharmaceuticals is a global pharmaceutical company. The company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs). Its segments are India, United States, Latin America, Europe and Rest of the World (ROW).

At closing hours on Monday, it was trading at Rs.367.70, 1.83 per cent higher. The stock hit an intraday high of Rs. 372.25 and intraday low was Rs. 360. Its 52-week high was Rs. 711.55 and 52-week low was Rs. 356.50 per share on the BSE.