Glenmark Pharmaceuticals is currently trading at Rs. 523.00, up by 23.80 points or 4.77% from its previous closing of Rs. 499.20 on the BSE.
The scrip opened at Rs. 504.30 and has touched a high and low of Rs. 524.00 and Rs. 504.00 respectively. So far 151229 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 524.00 on 24-Dec-2012 and a 52 week low of Rs. 270.10 on 23-Dec-2011.
Last one week high and low of the scrip stood at Rs. 524.00 and Rs. 471.85 respectively. The current market cap of the company is Rs. 14058.05 crore.
The promoters holding in the company stood at 48.33% while Institutions and Non-Institutions held 39.85% and 11.82% respectively.
Glenmark Pharmaceuticals (GPL), a leading Indian multinational pharmaceutical company’s - wholly owned subsidiary - Glenmark Pharmaceuticals S.A (GPSA), has entered into an agreement with Forest Laboratories, Inc., an international health care leader, on collaboration for the development of novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain.
Glenmark has identified clinical candidates and is currently conducting pre-clinical studies and other development activities required to support the initiation of first-in-human dosing.
Under the terms of the agreement, Forest will make a $6 million upfront payment to Glenmark and provide an additional $3 million to support the next phase of work. Forest will make other future payments in FY2014 to support the advancement of the ongoing mPGES-1 inhibitors program. Forest has an exclusive option to obtain license rights to the program upon the completion of Phase 1 clinical trials.
Both parties will work collaboratively to advance the program into the clinic. The collaboration between Glenmark and Forest will be managed by a Joint Development Committee with equal representation from both companies.
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