Shares of Glenmark Pharmaceuticals are likely to remain in focus on Monday after the company announced that its US subsidiary, Glenmark Pharmaceuticals Inc., USA, has entered into a settlement agreement to resolve long-running antitrust litigation in the United States.
The settlement amount stands at $29.628 million and will be paid in annual instalments over a period of five years, subject to court approval.
Glenmark Pharma US Antitrust Case Details
The litigation, which has been ongoing since 2016, involves allegations of price-fixing, market allocation, and anti-competitive practices in the generic pharmaceutical industry in the United States.
The cases were initially consolidated in the Eastern District of Pennsylvania. Later, in 2024, three complaints filed by state attorneys general were transferred to the District of Connecticut.
The plaintiffs include direct purchasers, indirect purchasers, end-payers, private direct-action plaintiffs, and attorneys general from 46 US states. The lawsuits alleged both drug-specific conspiracies and a broader conspiracy involving generic drug manufacturers operating in the US market.
However, Glenmark USA clarified that it has denied all allegations made against the company. The pharmaceutical firm stated that the settlement should not be treated as an admission of wrongdoing, liability, or illegal conduct.
The company further added that the entire settlement amount has already been provided for in its financial statements and is not expected to materially impact Glenmark Pharmaceuticals’ overall financial position.
Glenmark Pharma Share Price Performance
On Friday, shares of Glenmark Pharmaceuticals witnessed volatile trading activity.
The stock opened at Rs 2,390 compared to the previous close of Rs 2,393. During the session, the stock touched an intraday high of Rs 2,413.90 and a low of Rs 2,226.30. The stock closed at Rs 2,259.10.
Glenmark Pharma shares have delivered strong gains over the past year, with the stock hitting a 52-week high of Rs 2,474, while the 52-week low stands at Rs 1,370.
Market participants are expected to closely track investor reaction to the settlement announcement when trading resumes on Monday.