Shares of Glenmark Pharmaceuticals struck a fresh high

Glenmark Pharmaceuticals, a front line drugs major, struck a fresh high on Wednesday after getting a final approval from the USFDA for two drugs to be sold in the world's largest generics market.

Glenmark said its US unit has been granted final approval by the United States Food and Drug Administration for Drospirenone and Ethinyl Estradiol Tablets USP, 3mg/0.02 mg, the generic version of Yaz Tablets of Bayer HealthCare Pharmaceuticals Inc.

As a consequence, Glenmark added 50 rupees, or 4.4 percent, to 1209.80 rupees on the National Stock Exchange where 11 lakh shares were traded compared with a 5-day average of 16.6 lakh shares.

Glenmark's market capitalisation has gained 68 percent in the past one year to 33,800 crore rupees as investors preferred the relative predictability of pharma revenues. The stock trades 8 times book value of 146 rupees.

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