Glenmark Pharma surges 6% on launching type 2 diabetes drug

Shares of Glenmark Pharmaceuticals rallied nearly 6% in intraday trade on Wednesday, in an otherwise weak broader market, after the pharma major launched Zita‐PioMet, the country’s first triple fixed dose combination for high insulin‐resistant type 2 diabetes. The single pill contains Teneligliptin (20 mg) + Pioglitazone (15 mg) + Metformin (500mg/1000mg) in a sustained release (SR) formulation, it said in an exchange filing today.

Cheering the news, Glenmark Pharma shares opened higher at ₹411.45, snapping four sessions losing streak, as against its previous closing price of ₹409.20 on the BSE. During the session so far, the pharma stock gained as much as 5.9% to hit an intraday high of ₹433.25, while the market capitalisation climbed to ₹12,220.70 crore. The stock has fallen nearly 7% in the last four sessions.

The surge in Glenmark Pharma share was in sync with the BSE healthcare index, which topped the sectoral chart by rising 1.7%, led by IOL Chemicals and Pharmaceuticals, Dr. Lal PathLabs, Solara Active Pharma Sciences, and Morepen Laboratories. In contrast, the BSE benchmark Sensex was trading 114 points lower at 61,588 levels at the time of reporting.

In the exchange filing, Glenmark said that the novel triple FDC will help improve glycemic control among adults with High HbA1ci and high insulin resistance, those whose diabetes is uncontrolled by metformin alone. The drug will also help those patients who require the addition of Teneligliptin and Pioglitazone as separate drugs with a single pill, it added.

“This offers patients with Type 2 diabetes the convenience of once daily dosing to improve their glycemic control and achieve the targeted HbA1c within 24 weeks,” Glenmark said.

Priced at ₹14.90 per day, the pill will reduce the daily cost of therapy by 40%, making it more affordable to the masses, it added.

According to IQVI sales data for the 12-month period ending November 2022, the market for oral anti-diabetic drugs in India is estimated to be ₹11,877 crore, with an annual growth of 6.3% against the corresponding period last year (MAT November 2021). As per the International Diabetes Federation (IDF), the prevalence of diabetes in India is expected to increase to 12.5 crore by 2045, 77% of which would have uncontrolled diabetes.

Alok Malik, EVP & Business Head ‐ India Formulations, Glenmark Pharmaceuticals, said, “Type 2 diabetes patients in India often face issues of beta cell dysfunction along with insulin resistance. In fact, the prevalence of high insulin resistance in India is 38% compared to the global incidence of 15%ii. Being a leader in diabetes therapy in the country, we are proud to introduce Zita®‐PioMet, India’s first triple fixed dose combination for high insulin‐resistant type 2 diabetes. The innovative, effective, and affordable drug will help improve the glycemic control among adult patients with high HbA1c.”

According to the company, Glenmark has a leadership position in the diabetes segment, especially the ones with uncontrolled Type 2 diabetes. In 2015, Glenmark was the first to launch the DPP4 inhibitor, Teneligliptin (Zita Plus and Ziten), followed by an FDC of Teneligliptin + Metformin (Zita-Met Plus and Ziten-M). The drug maker later launched Remogliflozin (Remo and Remozen), a novel SGLT-2 inhibitor in 2019 and subsequently, its combinations with Metformin and Vildagliptin (Remo-V, Remozen-V, Remo MV and Remozen MV). Earlier in 2022, Glenmark also launched Sitagliptin (Sitazit) and its FDCs, followed by Lobeglitazone (LOBG) and FDCs of Teneligliptin including its combinations with Pioglitazone (Zita Pio) and Dapagliflozin (Zita-D).