Glenmark receives US FDA approval for Carvedilol
Glenmark receives US FDA approval for Carvedilol >Glenmark Pharmaceuticals announced that the company received final approval from the U.S. Food and Drug Administration for marketing the first generic version of Coreg (Carvedilol Tablets). Coreg is a widely used medication that is FDA approved to treat high blood pressure, mild to severe chronic heart failure and left ventricular dysfunction following a heart attack. Coreg was the 30th top selling brand name by retail dollars in 2006. Carvedilol sales was approximately USD 1.6 billion for the 12-month period ending Mar. 31, 2007, according to IMS Health. With this approval, Glenmark (Q, N,C,F)* Pharmaceuticals now has a portfolio of 19 generic products for the US market and has over 35 ANDAs undergoing US FDA approval process / launch.
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Shares of the company declined Rs 340.8, or 48.13%, to settle at Rs 367.3. The total volume of shares traded was 136,740 at the BSE. (Monday)
