Glenmark Pharmaceuticals is currently trading at Rs. 889.90, up by 45.50 points or 5.39% from its previous closing of Rs. 844.40 on the BSE.
The scrip opened at Rs. 878.50 and has touched a high and low of Rs. 892.00 and Rs. 871.15 respectively. So far 107849 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 892.00 on 08-Apr-2015 and a 52 week low of Rs. 510.00 on 19-May-2014.
Last one week high and low of the scrip stood at Rs. 892.00 and Rs. 783.00 respectively. The current market cap of the company is Rs. 22908.11 crore.
The promoters holding in the company stood at 48.31% while Institutions and Non-Institutions held 41.03% and 10.66% respectively.
Glenmark Pharmaceuticals’ subsidiary Glenmark Generics Inc., USA has concluded the pricing investigation by the Texas Attorney General, USA. Under the terms of the agreed settlement, there is no admission of liability. Glenmark Generics will make a payment in 16 equal payments of $1.56 million each quarter for the next 16 quarters to the state of Texas. The settlement amount will not materially impact the organization’s cash flow.
Under the settlement agreement, Glenmark must pay the State of Texas a total of $11.25 million for the State’s general revenue fund. Because the Medicaid program is jointly funded by the state and US taxpayers, the federal government is entitled to a percentage of the settlement proceeds. The federal government’s share is also $11.25 million. Additionally, the Texas Attorney General's Office will receive $2.5 million in attorneys’ fees and costs.
Glenmark’s current portfolio consists of 96 products authorized for distribution in the U.S. marketplace and 69 ANDA's pending approval with the US FDA. In addition to these internal filings, GGI continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio.
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