Glenmark is currently the top gainer on the BSE, up over 3.5% at Rs.745 and this is after hitting a new high at Rs.749.05.

The stock is reacting to the company’s announcement of discovery and initiation of GBR 1302. This is Glenmark’s first clinical candidate targeting Oncology. It hopes to get approval for initiation of clinical studies during the current fiscal.

This GBR 1302 is significant for the company as it is its first bispecific antibody, its first antibody based on its own BEAT antibody engineering platform and it represents Glenmark’s entry into Oncology innovator space, which has huge commercial potential.