Glenmark Pharmaceuticals rises as its arm signs license agreement with Jiangsu Alphamab, 3DMed
Glenmark Pharmaceuticals is currently trading at Rs. 903.75, up by 12.90 points or 1.45% from its previous closing of Rs. 890.85 on the BSE.
The scrip opened at Rs. 890.85 and has touched a high and low of Rs. 906.50 and Rs. 889.75 respectively. So far 3133 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 915.95 on 15-Jan-2024 and a 52 week low of Rs. 369.50 on 30-Jan-2023.
Last one week high and low of the scrip stood at Rs. 906.50 and Rs. 853.80 respectively. The current market cap of the company is Rs. 25136.95 crore.
The promoters holding in the company stood at 46.65%, while Institutions and Non-Institutions held 34.67% and 18.69% respectively.
Glenmark Pharmaceuticals’ subsidiary -- Glenmark Specialty S.A. (GSSA) has signed a license agreement with Jiangsu Alphamab Biopharmaceuticals Co., (Jiangsu Alphamab) and 3D Medicines (BEIJING) Co., (3DMed), (together as the Licensors), for KN035 (Envafolimab) for India, Asia Pacific, Middle East and Africa, Russia, CIS, and Latin America (the Territory).
Under the terms of the agreement, GSSA will receive from Jiangsu Alphamab and 3DMed, an exclusive license to develop, register, commercialize, Envafolimab for the oncology indication in the Territory. Jiangsu Alphamab will be the exclusive supplier of the product. Jiangsu Alphamab (on behalf of the Licensors) will receive a low double digit Million US Dollar amount up to launch, additional triple digit Million US Dollar milestone payments based on sales performance across the length of the agreement, and a royalty fee of single-to-double-digits percentage according to the level of net sales.
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries.
