Asian equities are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.4% while the Hang Seng is up 0.2%. The Shanghai Composite is trading down by 0.4%. Meanwhile, the S&P 500 inched nearer to a record high on Tuesday, lifted by Amazon, Alphabet and Microsoft, and by a strong second-quarter earnings season that fuelled optimism about the US economy’s strength.

Back home, Indian share markets have opened the day marginally up. The BSE Sensex is trading higher by 44 points while the NSE Nifty is trading higher by 12 points. The BSE Mid Cap Index and BSE Small Cap index both opened the day up by 0.1%.

Sectoral indices have opened the day on a mixed note with metal stocks and energy stocks leading the gainers. While IT stocks and realty stocks opened the day in the red. The rupee is trading at 68.80 to the US$.

Pharma stocks opened the day on a mixed note with Cadila Healthcare & J.B. Chemicals witnessing maximum buying interest. As per an article in a leading financial daily, Glenmark Pharmaceuticals has entered into an exclusive license agreement with biopharmaceutical firm Harbour BioMed to develop, manufacture and commercialize the former’s novel oncology molecule (GBR 1302) for China.

Reportedly, the exclusive license agreement is potentially worth more than US$120 million (around Rs 8.2 billion), in addition to royalties.

This would give access to the Greater China market (China, Hong Kong, Macau and Taiwan) to Glenmark where it is not present at the moment.

As such, there is a shortage of affordable oncology molecules in China and Indian drugmakers are working on plans to tap one of the largest regulated markets in the world.

It is significant because Glenmark is probably the only Indian company to have done a deal with a Chinese company for an innovative asset. Through this, Glenmark will indirectly get access into China, the second-largest pharmaceutical market in the world, and also get access to Chinese patient pool data.