Indian drugmaker Glenmark Generics has received approval from the US Food and Drug Administration for Verapamil, a new tablet for patients with hypertension.
The approval paves the way for Glenmark to begin marketing and distribution of the generic drug, which is used for the management of essential hypertension, in the US.
Glenmark Generics CEO Terrance Coughlin said that the approval holds significance for Glenmark Generics as it marks the company's entry into the extended release segment, a differentiated and niche segment.
The approval was announced shortly after Glenmark Pharmaceuticals announced that it would be looking to raise INR12bn from overseas markets or by private placement of shares.
Total sales of Verapamil for the 12-month period ending in June 2009 were as high as US$65m, according to industry estimates.