Gland Pharma gains on getting USFDA`s approval for Edaravone Injection
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Gland Pharma is currently trading at Rs. 1709.90, up by 3.30 points or 0.19% from its previous closing of Rs. 1706.60 on the BSE.
The scrip opened at Rs. 1695.05 and has touched a high and low of Rs. 1723.25 and Rs. 1690.00 respectively. So far 2208 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2195.75 on 07-Feb-2024 and a 52 week low of Rs. 861.50 on 22-May-2023.
Last one week high and low of the scrip stood at Rs. 1763.00 and Rs. 1663.10 respectively. The current market cap of the company is Rs. 28084.79 crore.
The promoters holding in the company stood at 57.86%, while Institutions and Non-Institutions held 28.82% and 13.32% respectively.
Gland Pharma has received approval from the United States Food and Drug Administration (USFDA) for Edaravone Injection, 30 mg/100 mL (0.3 mg/mL) and 60 mg/100 mL (0.6 mg/mL), Single-Dose Bags. The Product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Radicava Injection, 30 mg/100 mL (0.3 mg/mL) and 60 mg/100 mL (0.6 mg/mL) of Mitsubishi Tanabe Pharma Corporation.
The Product is used to treat amyotrophic lateral sclerosis (ALS), a condition in which the nerves that control muscle movement slowly die, causing the muscles to shrink and weaken. The Company expects to launch this Product through its marketing partner within FY25. According to IQVIA, the product had US sales of approximately $19 million for the twelve months ending January 2024.
Gland Pharma develops, manufactures and markets complex injectables. The company sells its products primarily under a business-to-business model in many countries.
