Shares in Glenmark Pharmaceuticals Ltd (GPL) fell 5 per cent after foreign brokerage Credit Suisse downgraded the stock. Shares of the company were last trading at Rs 946 on the National Stock Exchange.
Glenmark is among the top pharma companies in the country. Recently, the company received final approval from the US health regulator for the generic Calcipotriene cream used for the treatment of plaque psoriasis.
However, like most pharma companies the shares have run up too fast and many pharma companies have also been grappling with US FDA worries.
Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of Inflammation (asthma/COPD, rheumatoid arthritis etc.) and Pain (neuropathic pain and inflammatory pain).
The company has a significant presence in branded generics markets across emerging economies including India. GPL along with its subsidiary has 14 manufacturing facilities in four countries and has six R&D centers.