Shares of Glenmark Pharmaceuticals Ltd rose 2.6% on December 21 after the company said it had launched Zita-Piomet for type 2 diabetes.

The stock hit a high of Rs 419 per share. The stock was trading at Rs 419 per share on the BSE at 10:25 am, up 2.5% from its previous close.

The drug contains Teneligliptin (20 mg) + Pioglitazone (15 mg) + Metformin (500 mg/1000 mg) in an extended-release (SR) formulation and helps improve glycemic control in adults with high HbA1ci and high insulin resistance.

“As a pioneer in diabetes therapy in the country, we are proud to introduce Zita®-PioMet, India’s first triple fixed-dose combination therapy for high insulin-resistant type 2 diabetes. The innovative, effective and affordable drug helps improve glycemic control among adult patients with high HbA1c,” said Alok Malik, EVP and Business Head of India Formulations, Glenmark Pharmaceuticals Ltd.

The company announced on December 19 that it had received final US Food and Drug Administration approval for its 20 mg and 30 mg nicardipine hydrochloride capsules for treating hypertension and chest pain.

These capsules are the generic version of Chiesi USA, Inc’s Cardene 1 capsule, 20 mg and 30 mg.

Glenmark’s current product portfolio includes 178 products approved for marketing in the US and 46 ANDAs pending US FDA approval.

The company last week struck a deal with JB Chemicals & Pharmaceuticals Ltd to sell its cardiotonic brand Razel (rosuvastatin and its combinations) in India and Nepal for Rs 313.7 crore.