Glenmark Generics (Europe) Ltd (GGEL), Glenmark Generics Ltd's (GGL) UK subsidiary has launched its first four products in the United Kingdom. This is the first time GGEL has Launched products in its own livery in the UK. All these products wilt be sold directly by the UK subsidiary and through it's own front end. This will increasingly supplement the revenue stream for GGEL which has traditionally retied on Dossier Licensing and Third Party Commercial Supplies to Leading generic companies operating in Europe.
Of the four products Launched, Topiramate Tablets (25mg, 50mg, 100mg, 200mg) was Launched on September 24, 2009 which was Day 1 of patent expiry the UK market (IMS* market size : Euro 21 million). The other products launched include Nebivolol 5mg tablets (IMS* market size Euro 6.8 million), Perindopril tablets (2mg, 4mg, 8mg) (IMS* market size Euro 88 million) and Mometasone ointment 0.1% (30gms, 100gms) (IMS* market size : Euro 3.5 million). Glenmark is the only company marketing the generic product in the UK market for Mometasone ointment while for Perindopril, the launch is an addition to third party business existing since Last year when the product was Launched.
Terrace Coughlin, Chief Executive Officer, Glenmark Generics Ltd commented "We are delighted to now have our direct presence in the UK market. We have invested in developing infrastructure and getting the team in place for the long term implementation of our strategy for the Europe generic market. We will continue to expand our product range in the coming months by developing products where we are vertically integrated and also develop products & packs that will help with patient compliance to therapeutic regimes."
The Glenmark Pharma stock closed the day at Rs.222.75, down by Rs.7.55 or 3.28%. The stock hit an intraday high of Rs.230 and low of Rs.220.50.
The total traded quantity was 176655 compared to 2 week average of 237594.
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Union Budget