Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on Glenmark Pharmaceuticals with a short term target of Rs 265 – Rs 285.

In latest research report, experts at Nirmal Bang said that interested investors can buy the stock as huge delivery volumes witnessed and the stock has consolidated in the range of 200-230 and yesterday it has closed above the range.

In addition, the firm has suggested a support level for the scrip at Rs 200.

After successfully completing the phase II trials, Glenmark Pharma’s experimental new molecule for the treatment of diabetes, Melogliptin is ready to enter phase III by the end of the existing year (2009).

Mr. Glenn Saldanha, MD & CEO, Glenn Pharmaceuticals said, “Global phase III trials have been planned with melogliptin and are due to start at the end of 2009 following regulatory approvals.”

Glenmark Pharmaceuticals Ltd has announced that its Swiss unit, Glenmark Pharmaceuticals SA, has received USD 15 Million as milestone fees from Forest Laboratories, its North American partner, for an anti-asthma drug Oglemilast molecule.

Both companies are working together to initiate additional studies for further longer term development of oglemilast, including a Phase II study in Asthma.