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Glenmark Pharmaceuticals receives upfront payment of $25 million

27 Jun 2011 Evaluate

Glenmark Pharmaceuticals has received upfront payment of $25 million following the clearance of the deal. Earlier in May 2011, the GBR 500 deal was signed by Glenmark with Sanofi and it has received clearance from the Hart-Scott-Rodino Antitrust Improvements Act, USA following which the deal has become effective.

Recently, Glenmark Generics’ (GGL) United States (US) subsidiary -- Glenmark Generics Inc., (GGI) -- had been granted final approval for its Abbreviated New Drug Application (ANDA) from the United States Food and Drug Administration (USFDA) for Norgestimate and Ethinyl Estradiol tablets, USP 0.18mg/ 0.035mg, 0.215mg/ 0.035mg and 0.25/ 0.035mg.

The company has registered growth of 65.17% in its net profit after tax for the current year, 2011 at Rs 212.18 crore as compared to Rs 128.46 crore for the previous year. Its total income has increased by 19.43% at Rs 1185.02 crore for the year under review from Rs 992.22 crore in previous year.

On consolidated basis, the group’s net profit after tax for the year has increased marginally by 38.30% at Rs 457.83 crore as compared to Rs 331.03 crore for the previous year. Total income for the year has increased by 21.93% at 3089.59 crore as compared to Rs 2533.81 crore for the previous year.

Glenmark Pharma Share Price

2364.35 -6.70 (-0.28%)
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