Glenmark receives USFDA final approval for Colesevelam Hydrochloride

Glenmark Pharmaceuticals received the final approval for Colesevelam Hydrochloride oral suspension from the US drug regulator. Also, the company has completed the formalities for the acquisition of Pune-based firm, Zorg Labs.

The Glenmark received USFDA's final approval for Colesevelam hydrochloride in the form of oral suspension, 1.875 grams per packet and 3.75 grams per packet. The medication is prescribed to reduce LDL cholesterol levels and is a generic version of Welchol, oral suspension of Daiichi Sankyo Incorporated. For the 12 month period ended May 2018, the annual sales of Welchol, oral suspension was approximately US$73 million, according to IQVIA.

Glenmark has completed the formalities for the acquisition of the equity stake in Zorg Laboratories Private Limited, a distributor for pharmaceutical and chemical products. The company informed that it has acquired 100 per cent equity share holding of Zorg Labs.

On Tuesday, the share price of the company hit an intraday high of Rs. 562.80 per share and intraday low of Rs. 552 per share on the BSE. The 52-week high was Rs. 746 and 52-week low was 493.50 per share on the BSE.

At 10:30, Glenmark Pharmaceuticals was quoting Rs. 558.05 per share, up by 1.17 per cent. The Indian benchmark indices, BSE Sensex was trading at 36,339.26 level, up by 0.034 per cent and Nifty50 was trading at level 10,943.50, up by 0.061 per cent.