Glenmark Pharma to raise $150 mn

Glenmark Pharma to raise $150 mn


Mumbai: Drug maker Glenmark Pharmaceuticals said on 10 October it will raise funds worth $150 million (Rs590 crore) through issue of shares and other financial instruments in domestic or international markets.

The securities would be listed on stock exchanges of India or any other country, subject to necessary provisions and approvals, the company said in a filing to the Bombay Stock Exchange.

The decision was approved by the shareholders at the recent Annual General Meeting.

In another filing, the firm said it has received approval from the United States Food and Drug Administration (USFDA) to market the generic version of Trileptal (Oxcarbazepine) which is used to treat epilepsy.

It received FDA approval to market Oxcarbazapine tablets in three strengths - 150 mg, 300 mg and 600 mg. The company has been awarded 180 days of shared generic drug exclusivity for these tablets.

In afternoon trade, shares of the firm were trading at Rs415.95, up 1.86% at BSE.