Gland Pharma block deal: 5.8% equity change hands via multiple block deals; stock down nearly 6%

Gland Pharma share price: Shares of Gland Pharma traded nearly 6 per cent lower in Tuesday's (April 9) trade on BSE as 5.8 per cent equity, or 86.6 lakh shares, changed hands via multiple block deals. As per Zee Business research, Nicomac Machinery was likely to sell a 4.4 per cent stake today.

At around 9:26 a.m., shares of Gland Pharma traded 5.95 per cent, or Rs 110.7, lower on BSE at 1,751 apiece. The company's market capitalisation stood at Rs 28,857.28 crore at around the same time. The stock closed 2.83 per cent, Rs 52.6 lower, and settled at Rs 1,807 apiece.

On Saturday, April 6, the company, through a regulatory filing, informed investors that the US Food and Drug Administration (US FDA) had approved Eribulin Mesylate Injection 0.5 mg/ml in a single-dose vial.

"Gland Pharma Limited (Gland or Company), a generic injectable-focused pharmaceutical company, has received approval from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate Injection, 0.5 mg/mL Single Dose Vial (Product)," the filing read. 

The product is expected to be the first generic approval on the market, and the company expects to launch this product in the near term through its marketing partner. 

The product has US sales of approximately USD 92 million for twelve months ending in February 2024, according to IQVIA. 

The company is co-developing several complex injectables, including this product, with Orbicular Pharmaceutical Technologies Private Limited.

Established in 1978, Hyderabad-based Gland Pharma has grown over the years from a contract manufacturer of small-volume liquid parenteral products to one of the largest injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India, and other markets.

Gland Pharma share price: Past performance

In a year, shares of Gland Pharma have gained over 40 per cent against the Nifty50's rise of over 29 per cent. 

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