Glenmark Pharmaceuticals rises 5% on launching first 3-drug FDC for type-2 diabetes in India

Shares of drugmaker Glenmark Pharmaceuticals rose up to 6.6% to Rs 436 in Wednesday’s intraday trade on BSE after the company announced the launch of the first triple fixed-dose combination of Teneligliptin with Pioglitazone and Metformin in India.

“This FDC has been launched under the brand name Zita®-PioMet,” the company said in a BSE filing. “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, it will reduce the daily cost of therapy by 40%, making it more affordable to the masses,'' it said.

At 11.37 am, the stock was trading 6.2% higher at Rs 434.6 over its previous day’s closing price of Rs 409.2 apiece. The stock surged 17% in the last six months, whereas it has fallen over 17% year-to-date (YTD).

As per Trendlyne data, the highest target price for the stock goes up to Rs 655, while the average target price estimate is Rs 493, an upside potential of 14% from the current market prices.

Out of the 17 analysts covering the stock, eight have strong buy and buy ratings, seven have hold ratings, and two have strong sell and sell ratings.

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