Gland Pharma shares fall 6% as ex-promoter likely sells stake in block deals
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Synopsis
Shares of Gland Pharma dropped 6% to Rs 1,745 on BSE as entities related to ex-promoter Dr Ravi Penmetsa sold 5.5% equity. Large block deals of 91 lakh shares worth Rs 1,600 crore reported.
Shares of the pharma company are up around 40% in the last one year but have underperformed in the calendar year 2024.
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Earlier last week, Gland had announced that it had received approval for a generic Eribulin Mesylate Injection for the US market. This is the first generic approval, and Gland Pharma expects to launch the product in near term.
Eribulin is an anti-cancer drug that is approved for treatment of metastatic breast cancer.
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