Glenmark and Cediprof announce exclusive distribution pact for FDA-approved products

On Thursday, Glenmark Pharmaceuticals announced its exclusive distribution agreement with Cediprof in the US.

Entering into an exclusive pact

Glenmark Pharmaceuticals Inc., USA (Glenmark) and Cediprof Inc. (a part of the Neolpharma Pharmaceutical Group family of companies) have entered into an exclusive supply and distribution agreement for Cediprof's Food and Drug Administration (FDA) approved Dextroamphetamine Saccharate, Amphetamine Aspartate, Dextroamphetamine Sulfate and Amphetamine Sulfate Tablets (Mixed Salts of a Single Entity Amphetamine Product), 5 mg, 10 mg, 15 mg, 20 mg and 30 mg, the generic version of Adderall Tablets, 5 mg, 10 mg, 15 mg, 20 mg, and 30 mg, of Teva Women’s Health, Inc. Glenmark expects to commence distribution of the product in the U.S. during the second half of 2023. This product has long been on FDA’s shortage list.

Glenmark Pharmaceuticals Inc., USA is Glenmark Pharmaceuticals' parent company. According to IQVIA sales statistics for the 12-month period ending January 2023, the Adderall Tablets, 5 mg, 10 mg, 15 mg, 20 mg, and 30 mg market generated around USD 389.8 million in annual sales. Glenmark's current portfolio includes 180 products that are authorised for distribution in the United States, as well as 48 ANDAs that are awaiting FDA approval. Glenmark continues to identify and explore external development collaborations to augment and accelerate the expansion of its existing pipeline and portfolio, in addition to these internal filings.

Stock price movement

On Thursday, the stock opened at Rs 423.70 and touched a high and low of Rs 429.15 and Rs 423.70, respectively. So far 5231 shares were traded on the counter. The BSE group 'A' stock of face value of Rs 1 has touched a 52-week high and low of Rs 487.15 and Rs. 348.90, respectively. Last one week high and low of the scrip stood at Rs 429.25 and Rs 414.50 respectively. The current market cap of the company is Rs 12031.65 crore.

The promoters holding in the company stood at 46.65%, while Institutions and Non-Institutions held 33.93% and 19.42% respectively.

Company Profile

Glenmark Pharmaceuticals is a global research-led pharmaceutical company with a presence across the Generics, Specialty and OTC business with a focus on therapeutic areas of respiratory, dermatology and oncology. The company has 10 world-class manufacturing facilities spread across 4 continents, and operations in over 80 countries.