Glenmark Pharmaceuticals surged 25% to Rs 511.35 after the company launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of mild to moderate COVID-19 patients.
The drug maker has received manufacturing and marketing approval from the Drugs Controller General of India (DCGI), for making FabiFlu the first oral Favipiravir-approved medication in India for the treatment of COVID-19.Glenmark said that Favipiravir is also undergoing trials in other countries to test its efficacy as a COVID-19 treatment. The company further added that the approval for favipiravir in India was granted based on "evaluation of data".
Priced at Rs 103 per tablet, the prescription-based drug will be available as a 200 mg tablet at an MRP of Rs 3,500 for a strip of 34 tablets.
Global pharma companies are vying to develop COVID-19 drug. Coronavirus started in central China and spread faster in the rest of the world. The epidemic has grown to infect over 86,63,135 people with over 460,005 fatalities. India reported 1,68,269 active cases of COVID-19 infection and 12,948 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
About 12.58 lakh shares were traded on BSE as compared to a two-week daily average of 1.87 lakh shares. On NSE, 2.10 crore shares were traded as compared to a monthly daily average of 46.98 lakh shares.
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The pharmaceutical stock has jumped 143% in last three months as against 46.5% rise in Nifty Pharma index.
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries. Glenmark's key therapy focus areas globally are respiratory, dermatology and oncology.
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