Glenmark Pharmaceuticals’ share price surged 30 per cent on Monday to Rs 531.80 per unit after it became the first pharmaceutical company in India to receive regulatory approval to make and sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19 infections.
At the same time, Cipla’s stock jumped by 4.3 per cent to Rs 664.45 per unit after it announced the launch of remdesivir under its brand name Cipremi.
The US Food and Drug Administration has issued an emergency use authorisation to Gilead Sciences Inc for emergency use of remdesivir for the treatment of hospitalised 2019 coronavirus disease (COVID-19) patients.
Glenmark has announced the launch of favipiravir (brand name FabiFlu) for the treatment of mild to moderate COVID-19 patients. The pharma major has received manufacturing and marketing approval from India’s drug regulator, making FabiFlu the first oral favipiravir-approved medication in India for the treatment of coronavirus.
Favipiravir shows clinical improvements of up to 88 per cent with a rapid reduction in viral load by four days.
In May, Gilead Sciences extended a voluntary non-exclusive license to Cipla to manufacture and market Cipla’s generic version of remdesivir called Cipremi.
Cipla has been granted regulatory approval by the Drug Controller General of India (DCGI) for restricted emergency use in the country as part of the accelerated approval process considering the urgent and unmet medical need.
As part of a risk management plan, Cipla will provide training on the use of the drug, informed patient consent documents, conduct post-marketing surveillance as well as conduct a phase four clinical trial on Indian patients.