Share prices of Glenmark Pharmaceuticals rose over 3 per cent early Monday as its subsidiary Glenmark Arzneimittel secured marketing authorisation for a dry powder inhaler in Germany.
The drug, Fluticasone/Salmeterol dry powder inhaler (DPI), is a generic version of GlaxoSmithKlines Seretide Accuhaler.Fluticasone/Salmeterol DPI is a combination product for the treatment of asthma and chronic obstructive pulmonary disease (COPD).
Glenmark will sell the product in Germany under the name Salflutin.This approval validates Glenmarks capabilities in the complex inhaled respiratory products segment.
Upon launch, generic Fluticasone/Salmeterol DPI will be Glenmarks first inhalation product available in Germany.
There is a huge potential for the product in Germany and we are optimistic that it will help enhance growth of the European business, said Achin Gupta, Executive Vice-President and Business Head of Europe and Latin America, Glenmark Pharmaceuticals.Glenmark had entered into a strategic development and licensing agreement with Celon Pharma SA (Celon) in 2015 to develop and market generic Fluticasone/Salmeterol DPI in 15 European countries.The company has already launched this product in Denmark, Sweden and Norway.According to IQVIA data, Fluticasone/Salmeterol dry powder inhaler (DPI) had sales of $844 million in Europe in the 12 months to March 2018.The scrip was 3.48 per cent up at Rs 707 at around 9.30 am.
The BSE Sensex was down 108 points, or 0.28 per cent, at 38,281 at around the same time.