- U.S. FDA approves Glenmark Pharmaceutical's generic blood pressure medicine
- The high blood pressure medicine market was valued at $950 million in the U.S.
- Sun Pharmaceuticals has already launched a generic version of the medicine in the U.S.
Glenmark Pharmaceutical Ltd. rose after the U.S. Food and Drug Administration gave its final approval to produce and market a high blood pressure drug named Olmesartan Medoxomil.
The drug is a generic version of Daiichi Sankyo Benicar tablets which had a market size of around $950 million in financial year 2016-17, according to IMS health sales data. Sun Pharmaceutical Industries Ltd. has already launched a generic version of Benicar in October 2016.
Glenmark's drug will be manufactured in the company's facility in Goa, the company said in an exchange filing. This Abbriviated New Drug Application (ANDA) approval will add to Glenmark's current portfolio of 115 drugs which can be distributed in U.S. Another 69 products are currently in the pipeline with the drug regulator, the company added.
Shares of Glenmark rose 1.8 percent to Rs 623 on Friday morning.
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