Glenmark Pharmaceuticals trades higher on the BSE

Glenmark Pharmaceuticals is currently trading at Rs. 520.25, up by 1.90 points or 0.37% from its previous closing of Rs. 518.35 on the BSE.

The scrip opened at Rs. 517.95 and has touched a high and low of Rs. 522.50 and Rs. 516.65 respectively. So far 57714 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 522.50 on 26-Apr-2023 and a 52 week low of Rs. 348.90 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 522.50 and Rs. 501.00 respectively. The current market cap of the company is Rs. 14692.50 crore.

The promoters holding in the company stood at 46.65%, while Institutions and Non-Institutions held 32.90% and 20.45% respectively.

Glenmark Pharmaceuticals has planned to pay $87.5 million to three plaintiff groups to settle multiple antitrust and consumer protection lawsuits in the US related to a generic drug. There were multiple antitrust and consumer protection lawsuits, including a class action, consolidated in the Eastern District of Virginia against the company and its subsidiary Glenmark Pharmaceuticals Inc. in connection with generic Zetia, a drug for the treatment of cholesterol.

The lawsuits alleged that in 2010, Glenmark entered an anticompetitive agreement to settle patent infringement litigation involving a patent related to ezetimibe (the active ingredient in Zetia) with Schering Corporation and MSP Singapore Company LLC. The trial for the case began on April 19, 2023 in the US courts. Three plaintiff groups collectively representing all of the claims against the company and Merck are referred to as the Direct Purchaser Plaintiffs, the Retailer Plaintiffs, and the End-Payor Plaintiffs.

Under these settlements, the company plans to pay $48 million to the Direct Purchaser Plaintiffs, $25.5 million to the Retailer Plaintiffs and $14 million to the End-Payor Plaintiffs, in accordance with the separate agreements entered into with each of them. The settlements will make clear that the company denies each and every one of the allegations against it and the settlements are not on the basis of it having conceded or admitted any liability or illegality.

Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries.