Glenmark Pharma shares jump 8% on fixed-dose type 2 diabetes drug launch – Business Today

Feedback
Shares of Glenmark Pharmaceuticals surged in Wednesday’s trade after the company launched “India’s first triple fixed-dose combination for high insulin‐resistant type 2 diabetes.” The stock jumped 7.77 per cent to hit a day high of Rs 441 over its previous close of Rs 409.20. A total of 92,000 shares changed hands today on BSE, amounting to a turnover of Rs 3.95 crore. The pharma company’s market capitalisation (m-cap) stood at Rs 12,397.06 crore.
At today’s high level of Rs 441, CUB has gained 26.40 per cent compared to its one-year low of Rs 348.90, hit in June this year. That said, the stock has dropped 17.41 per cent from its 52-week high of Rs 533.95, hit in January 2022.
The stock has lost 0.92 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has moved 16.22 per cent down.
Also Read | Tata Power shares clock flat returns in 2022; here’s the new target price
Glenmark, in an exchange filing, said it has launched a triple fixed-dose combination of Teneligliptin with Pioglitazone and Metformin in India.
“This offers patients with Type 2 diabetes the convenience of once-daily dosing to improve their glycemic control and achieve the targeted HbA1c within 24 weeks,” it added. 
Priced at Rs 14.90 per day, Glenmark further said it would reduce the daily cost of therapy by 40 per cent, making it more affordable to the masses.
Alok Malik, EVP and Business Head ‐ India Formulations, Glenmark Pharma, said, “Type 2 diabetes patients in India often face issues of beta cell dysfunction along with insulin resistance. We are proud to introduce Zita‐PioMet, India’s first triple fixed-dose combination for high insulin‐resistant type 2 diabetes. The drug will help improve the glycemic control among adult patients with high HbA1c.”
Most pharma companies rose sharply today despite a weak trend in domestic equity benchmarks. Sub-index Nifty Pharma advanced 2.20 per cent in late deals today.
Indian equity benchmarks declined today, dragged by banking, financial, auto, FMCG and metal stocks.
Also Read | UTI AMC shares jump 6% today; stock resistance at Rs 894, says an analyst
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today
Add Business Today to Home Screen
Home
Market
BT TV
Magazine
Menu
Menu

source