Hikal freezes at 5% upper circuit on development of Favipiravir API

Shares of Hikal were locked in the upper circuit band of 5 per cent at Rs 115 on the BSE on Friday after the company announced the successful development of Favipiravir active pharmaceutical ingredient (API) and its intermediates. The drug is in various stages of clinical trials in many countries as an experimental treatment of Covid-19.

The trading volumes on the counter more than doubled with a combined around 280,000 shares changing hands on the counter on the NSE and BSE. There were combined pending buy orders for 120,000 shares at 12:17 pm.

Favipiravir is a generic version of Avigan of Fujifilm Toyama Chemical Co. Ltd., Japan, a subsidiary of Fujifilm Corporation. It has demonstrated activity against influenza viruses and has been approved in Japan for the treatment of novel influenza virus infections.

The company said it is in discussion with potential partners to supply the API and its intermediates.

"Hikal has developed this API in a record time to make the product available for treatment of Covid-19. This demonstrates Hikal's commitment to support in the fight against Covid-19 virus and to provide high quality medicines to its customers globally," it added. READ STATEMENT HERE