CNBC : Jun 22, 2020, 04:29 PM
New Delhi: Shares of Glenmark Pharmaceuticals surged 40 percent to hit a fresh 52-week high of Rs 572.70 on Monday after the pharma company launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of mild to moderate COVID-19 cases in India.At 12:20 pm, the stock quoted Rs 543.00 apiece, up by Rs 133.90 or 32.73 percent on the BSE.Glenmark’s Fabiflu is the first oral Favipiravir-approved medication for the treatment of COVID-19 and has been launched in a few centers. The Drug Controller General of India (DGCI) approved the anti-viral for 'restricted emergency use' for treatment of mild to moderate cases, which accounts for a majority of COVID-19 infections.Fabiflu, available as a 200 mg tablet, has been priced at Rs 103 per tablet. A strip of 34 tablets will cost Rs 3,500 to the patients. The recommended dosage duration has been fixed for 14 days, the company said.“The drug will be available both in hospitals and in retail chemist stores by next week and will be available only on a doctor's prescription, who will be first taking patients’ consent before starting the drug,” said Sujesh Vasudevan, president - India Formulations, Glenmark Pharmaceuticals.DCGI's approval was based on Glenmark’s phase 3 clinical trials of a randomised, multi-centric study at 11 sites in India to test the efficacy and safety of Favipiravir.Glenmark is now embarking on a second trial for a combination of two anti-viral drugs Favipiravir (An approved drug for novel flu pandemics) with Umifenovir (An approved drug for Influenza). The safety of this combination is well established said the company.While working to expand supplies in India, Glenmark is also exploring exports of Favipiravir to markets in the Middle East, where some countries have approved the drug for treating COVID-19 patients.