Share of Strides Pharma Science Limited rose 3 per cent to hit an intraday high of Rs 842.00 on BSE after the company announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore 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.
The stock opened 1.26 per cent higher at Rs 828.20 against the previous close of Rs 817.85 on BSE. Market cap of the firm rose to Rs 7,353.07 crore.
The share has delivered 105 per cent returns in the last 12 months. It stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200-day moving averages.
Ennaid's partnership with discovery scientists at Universidad Catolica 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.
These results are so compelling that Ennaid is ready to seek emergency authorization from the FDA in the US as well as approval for compassionate use in India.
Ennaid's CEO, Darnisha Harrison, commented on the impact of the epidemic and partnership with Strides: "The magnitude of human loss in India due to COVID-19 compelled Ennaid India Private Limited to partner with Strides Pharma extending critical resources to aid its government. We are honored to join forces with an India-based company to bring hope and healing at a time when it's critically needed.
"Since the drug was previously approved by the FDA for other indication, it has already been proven safe in humans. What we have will not only bring much needed relief to India but to patients around the world. With more than 30 million people infected with COVID-19 in America and over 100 million in the world, a drug that treats mild to moderate symptoms and helps block replication of the virus is a top priority," Harrison added.
"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," said Dr. R Ananthanarayanan, Managing Director and Group CEO, Strides.
"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," he added.
Strides will be the exclusive manufacturing partner to Ennaid for the product.