Glenmark Pharma Receives Approval From Russian Ministry Of Healthcare To Market Montlezir

Glenmark Pharmaceuticals Ltd., a research‐led, integrated global pharmaceutical company, on Monday announced that it has received approval from the Ministry of Healthcare, Russia to market Montlezir (Levocetirizine Dihydrochloride 5mg + Montelukast Sodium 10mg) film‐coated tablets as a prescription product for the treatment of seasonal and perennial allergic rhinitis in patients above 15 years of age.

The company’s shares were trading down by ~4% in afternoon trade.

Montlezir is expected to be available in the Russian market in Q3 FY 2019‐20. “Glenmark has built strong capabilities in the area of respiratory and is among the leading players in this therapy area across several markets globally. Russia is one of the key markets for us and we are consistently looking to expand our product portfolio. We believe that approval for Montlezir will help enhance our presence in this segment,” said Csaba Kantor, Senior Vice President and Head ‐ Asia, Russia & CIS region, Glenmark Pharmaceuticals.

“Allergic rhinitis affects a significant number of people in Russia, and we already have a number of products in our portfolio for the treatment of this condition. The approval to market Montlezir will further strengthen our company’s position in this segment and we are delighted to be able to bring new productsto the market for patientssuffering from this condition,” said Oxana Pozdnyakova, Vice President and Business Head – Russia, Glenmark Pharmaceuticals.

According to IQVIA, Glenmark ranked 47th in the retail segment of the Russian pharmaceutical market as of MAT July 2019. In the respiratory space, Glenmark continues to secure a strong position and ranked 4th  amongst the companies present in the expectorants market in Russia as of MAT July 2019. The company is ranked 10th in the retail dermatology market in the country.

Glenmark Pharmaceuticals Ltd is currently trading at Rs319.80 down by Rs13.5 or 4.05% from its previous closing of Rs333.30 on the BSE.

The scrip opened at Rs336 and has touched a high and low of Rs336 and Rs319.80 respectively. So far 10,36,357 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs9,405.51cr. – India Infoline