Gland Pharma jumps on getting USFDA`s nod for Latanoprost Ophthalmic Solution
Gland Pharma is currently trading at Rs. 1805.05, up by 25.65 points or 1.44% from its previous closing of Rs. 1779.40 on the BSE.
The scrip opened at Rs. 1798.45 and has touched a high and low of Rs. 1825.50 and Rs. 1778.10 respectively. So far 3126 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2220.95 on 06-Aug-2024 and a 52 week low of Rs. 1590.00 on 24-Oct-2024.
Last one week high and low of the scrip stood at Rs. 1825.50 and Rs. 1711.00 respectively. The current market cap of the company is Rs. 29539.98 crore.
The promoters holding in the company stood at 51.83%, while Institutions and Non-Institutions held 39.84% and 8.32% respectively.
Gland Pharma has received approval from the United States Food and Drug Administration (USFDA) for Latanoprost Ophthalmic Solution, 0.005% (2.5 mL Fill). The Product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Xalatan, latanoprost ophthalmic solution 0.005% (50 μg/mL) held by UPJOHN US 2 LLC.
This Product is used for the treatment of high eye pressure/intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. The Company expects to launch this Product through its marketing partners in FY25. According to IQVIA, the product had US sales of approximately $111.6 million for the twelve months ending December 2023.
Gland Pharma develops, manufactures and markets complex injectables. The company sells its products primarily under a business-to-business model in many countries.
