Glenmark Pharmaceuticals announced that the first patient has been dosed in a Phase 1 trial of GBR 1342 (NCT03309111), an investigational bispecific antibody.
This first-in-human, open-label study’s primary objective is to assess the safety and tolerability of increasing doses of GBR 1342 in multiple myeloma patients until a maximum tolerated dose is reached.
This trial is a step in a right direction as it will strengthen its higher-margin biologics pipeline with lesser competition. Three of the company’s biologics, two of which are immuno-oncology agents, has begun clinical trials. Glenmark’s immuno-oncology pipeline currently includes three candidates being studied in a wide range of tumor types.
It has a diverse pipeline with several compounds in various stages of clinical development, primarily focused in the areas of immuno-oncology, respiratory disease, and dermatology. The company is also pursuing partnership opportunities for four of its novel molecules & expects to out-license at least one of them in FY18E. This may help in debt reduction.
The stock is trading at 13.3x FY19E earnings. We have a positive outlook on the stock.
Glenmark Pharmaceuticals Ltd is currently trading at Rs 535.65, up by Rs 3 or 0.56% from its previous closing of Rs 532.65 on the BSE.
The scrip opened at Rs 529.15 and has touched a high and low of Rs 536.5 and Rs 529.15 respectively.
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