The pharma company said that it has received Indian regulatory approval to make and sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19 infections .
Glenmark Pharma share price surged 24 percent, hitting upper circuit of Rs 490.90 per share on the BSE, after the pharma company said it received Indian regulatory approval to make and sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19 infections in the country.
The stock, which has surged over 147 percent in the last three months, and was trading at Rs 507.25, up Rs 98.15, or 23.99 percent at 10:52 hours.
The scrip also witnessed spurt in volume by more than 5.98 times and was trading with volumes of 1,130,253 shares, compared to its five day average of 175,549 shares, an increase of 543.84 percent.
The Mumbai-based company said the Drugs Controller General of India's approval was part of India's accelerated approval process and the drug was meant for "restricted emergency use", meaning patients must sign their consent before being treated by the drug.
Favipiravir is also undergoing trials in other countries to test its efficacy as a COVID-19 treatment.
The approval for favipiravir in India, which Glenmark plans to sell as FabiFlu, was granted based on "evaluation of data", the company said in a brief statement to stock exchanges.
Glenmark began a late-stage trial of favipiravir on COVID-19 patients in May. It is also separately testing a combination of favipiravir and umifenovir, another anti-viral drug, as a potential COVID-19 treatment.WEBINAR: Tune in to find out how term insurance can provide risk protection during tough times. Register Now!
