Glenmark Life Sciences soars on inking pact with Japanese innovator pharmaceutical company
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Glenmark Life Sciences is currently trading at Rs. 771.50, up by 14.15 points or 1.87% from its previous closing of Rs. 757.35 on the BSE.
The scrip opened at Rs. 760.00 and has touched a high and low of Rs. 776.10 and Rs. 757.05 respectively. So far 11204 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 776.10 on 19-Jan-2024 and a 52 week low of Rs. 369.00 on 22-Feb-2023.
Last one week high and low of the scrip stood at Rs. 776.10 and Rs. 738.50 respectively. The current market cap of the company is Rs. 9462.77 crore.
The promoters holding in the company stood at 82.85%, while Institutions and Non-Institutions held 5.31% and 11.84% respectively.
Glenmark Life Sciences (GLS) has signed a Master Supply Agreement (MSA) with a Japanese innovator pharmaceutical company with global presence in Europe, United States and Asia. Under the aegis of the Master Supply Agreement, Glenmark Life Sciences will manufacture API in the therapeutic area of urinary anti-spasmodic, to supply to the global innovator.
The company will leverage its expertise in API manufacturing to support the global pharmaceutical innovator's initiative in the field of urinary anti-spasmodic therapeutics. As part of this collaboration, product portfolios of various affiliates of the global innovator may also be added in the future. The API for the finished formulation will be supplied to all major regulated markets such as United States, Europe and Japan. The estimated commercial value of this project is expected to be around $5 million.
Glenmark Life Sciences is in the business of making high-quality drugs by unlocking the possibilities of science.
