Gland Pharma shares rise over 3% on USFDA nod for cancer treatment injection

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gland Pharma shares gained 3.5% on Tuesday, May 7, after the company announced it had received approval from the United States Food and Drug Administration (USFDA) for its Plerixafor Injection. The injection is used to treat certain types of cancer.

The pharma company in another release also mentioned that it got the USFDA’s approval for the edaravone injection which is used to treat amyotrophic lateral sclerosis, a condition in which the nerves that control muscle movement slowly die, causing the muscles to weaken and shrink.

In the first stock exchange filing, the pharma company said that Plerixafor is a bioequivalent and therapeutically equivalent to Sanofi India’s reference listed drug MOZOBIL (plerixafor) injection. Gland Pharma informed the bourses that it plans to launch the product through its marketing partner by FY25.

The release also mentioned that the product’s US sales amounted to approximately $152 million for the twelve months ending January 2024, according to IQVIA’s data.

After the announcement, Gland Pharma shares gained as much as 3.5% on the BSE to an intraday high of ₹1,763 apiece on the BSE. However, the pharma stock pared early gains to trade 0.56% lower at ₹1695.55 apiece at 11:36 am.

Gland Pharma shares have gained more than 21% in the last one year. However, the stock dropped over 17% in the past three months.

Last month, Gland Pharma received approval from the US drug regulator for Cetrorelix Acetate injection, which is used in women undergoing fertility treatment.

Gland Pharma informed the stock exchanges that the company was expecting to launch the drug in the strength of 0.25 mg/vial in the near-term through its marketing partner.

The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Cetrotide for Injection, 0.25 mg/vial, of EMD Serono Inc.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow