Strides Pharma Science Ltd’s stock price zoomed 7.4% on Thursday morning, continuing their upward march after registering a 19% jump the previous day.
Strides Pharma Science Ltd’s stock price zoomed 7.4% on Thursday morning, continuing their upward march after registering a 19% jump the previous day. Pharmaceutical companies have been witnessing a surge in the domestic equity markets as the battle to manufacture a drug capable to fight the coronavirus pandemic pulls investors towards listed pharma companies. Strides Pharma, on Wednesday, announced that it has developed and commercialized Favipiravir Antiviral tablets — a generic version of Avigan of Toyama Chemical, Japan. Favipiravir had registered positive outcomes on coronavirus patients in early February when the drug was studied in China. Strides Pharma was trading at Rs 480 per share on Thursday morning.
While the testing of the drug has not begun in India, Strides Pharma is currently exporting Favipiravir to the Gulf countries. “Strides has developed Favipiravir tablets in 400mg and 200mg strengths for convenient dosage administration. The product is currently being exported to GCC countries to treat patients under their treatment program for Covid-19,” the company said in a market filing on Wednesday. Strides Pharma said that it will soon apply to Indian Drug Authorities to commence necessary studies and make the drug available to Indian patients as well.
“Favipiravir has already demonstrated positive outcomes in several studies on Covid-19 patients, and we are hopeful that the treatment regime with Favipiravir would brace up our fight against this virus,” said Dr. R Ananthanarayanan, CEO and Managing Director, Strides Pharma Sciences. Favipiravir, Ananthanarayanan explained, is a complex drug to make. “While we are manufacturing the tablets in-house, we are also excited to partner with the API manufacturer such that our supply chain remains secured up to the key starting material,” he added.
The drug is being manufactured at Strides’ flagship facility in Bangalore, having the capacity to produce 6 billion units of solid orals annually. The facility has been approved by leading regulatory agencies such as USFDA, MHRA, WHO, and TGA. Strides has also partnered with a ‘leading Indian API manufacturer’ but the company did not declare the name of the same.
Strides Pharma shares have staged a remarkable recovery since falling 43% between February 13 and March 19. Since then, the share price has skyrocketed and is now up over 73% since the middle of March 2020. Nifty Pharma is up 1% today with Glenmark and Dr. Reddy’s leading the sectoral index with gains of over 3% each. Domestic Benchmark Index S&P BSE Sensex is up 980 points today sitting at 33,709 points.