Strides Pharma Science rose 1.28% to Rs 828.35 after the drug company said that its step‐down wholly owned subsidiary has entered into an exclusive partnership with Ennaid Therapeutics to make oral COVID‐19 tablet.
Strides Pharma on Monday announced that its step‐down wholly owned subsidiary, Strides Pharma Global, has entered into an exclusive partnership with Ennaid Therapeutics, a global pharmaceutical company to produce an oral, repurposed medication to treat mild, moderate and asymptomatic cases of COVID‐19.Ennaid's partnership with discovery scientists at Universidad Catica de Murcia (UCAM), identified a therapeutic target to treat COVID‐19 using artificial intelligence drug discovery platforms. Initial tests show antiviral activity effective against SARS CoV‐2, the virus that causes COVID‐19, by inhibiting 90% of the virus' replication in vitro studies. Ennaid is ready to seek emergency authorization from the FDA in the United States as well an approval for compassionate use in India. Strides will be the exclusive manufacturing partner to Ennaid for the product.
Ennaid is a global biopharmaceutical company based in the United States, with subsidiaries in Australia, the United Kingdom, and India. Ennaid is developing a robust pipeline of therapeutics to treat COVID‐19 and other deadly, infectious diseases affecting humans and animals worldwide using artificial intelligence drug discovery platforms
Dr R Ananthanarayanan, MD and Group CEO of Strides said, We are pleased to partner with Ennaid as an exclusive manufacturer of its oral repurposed medication to treat mild, moderate and asymptomatic cases of COVID‐19. At Strides we are committed in our fight against COVID‐19 and are working on creating a portfolio of products to aid COVID treatment and supportive care. Partnership with Ennaid is part of our initiative to provide quality and affordable treatment to the global patient pool impacted by COVID‐19.
Strides Pharma Science is a global pharmaceutical company. On a consolidated basis, the drug company reported a net profit of Rs 46.09 crore in Q4 FY21 as compared to a net loss of Rs 203.93 crore in Q4 FY20. Net sales jumped 46.9% to Rs 908.49 crore in Q4 FY21 over Q4 FY20.
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