Glenmark Pharma gets final approval for Clobetasol Propionate Foam

Glenmark Pharmaceuticals announces that it has received final USFDA approval for Clobetasol Propionate Foam.

Clobetasol is used to treat certain scalp and skin conditions (psoriasis, dermatitis, rash). Clobetasol reduces the swelling, itching and redness that can occur in these types of conditions. The market for the medicine was approximately US$50.9 million in the 12-month period ending December 2018 in the US market, according to pharma market tracker IQVIA.

As of date, Glenmark’s product portfolio comprises of 150 authorised products and 52 ANDAs that are pending for approval. The company is planning to launch another 12 ANDAs by FY20E.

On Monday, cheering the news, the stock of Glenmark Pharma spiked nearly 4 per cent and made an intraday high of Rs. 591.80 per share on the BSE. At 10:42 hours, the stock was trading at Rs. 568.60 per share, up by 3.28 per cent. The stock had hit its 52-week high of Rs. 711.55 on September 10, 2018 and its 52-week low of Rs. 483.60 on May 30, 2018 on the BSE.