Glenmark secures USFDA approval for Sevelamer Hydrochloride Tablets

Glenmark Pharmaceutical has received the final approval from the USFDA for Sevelamer Hydrochloride Tablets. The shares of the company have been very volatile on an intraday basis.

Pharma major Glenmark has been granted the approval for Sevelamer Hydrochloride Tablets 400 mg and 800 mg by the United States Food and Drug Administration (USFDA). It is a generic version of Renagel Tablets 400 mg and 800 mg of Genzyme Corporation. Sevelamer is a phosphate binding drug used to treat hyperphosphatemia in patients with chronic kidney disease.

According to IQVIA sales data for the 12 month period ending December 2018, the Renagel Tablets 400 mg and 800 mg market achieved annual sales of approximately US$102.1 million.

Glenmark Pharmaceuticals (GPL) is a research-driven, global, integrated pharmaceutical organization Glenmark is engaged in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). Glenmark has several molecules in various stages of clinical development and is focused in the areas of oncology, dermatology and respiratory.

On Monday, the stock of Glenmark opened at Rs. 614 per share. At 12:20 hours, the shares were trading at Rs. 1,315 per share, up by 1.52 per cent. The stock's intraday high was Rs. 623.50 and the intraday low was Rs. 599.55 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 Sensex was at 36,430.22, down by 0.32 per cent.