Glenmark Pharma stock has gained 180 per cent in less than three months from its 52-week low of Rs 168 apiece, taking the market capitalisation of the company to Rs 13,274.60 crore
Glenmark Pharmaceuticals share price rallied 15 per cent to Rs 470.45 apiece on BSE after the company on Saturday after the company announced the launch of antiviral drug Favipiravir (brand name FabiFlu®) for the treatment of mild to moderate COVID-19 patients. Glenmark Pharma stock has gained 180 per cent in less than three months from its 52-week low of Rs 168 apiece, taking the market capitalisation of the company to Rs 13,274.60 crore. The stock is just 9 per cent away from its all-time of Rs 517.70 touched in June last year. “The company 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 COVID-19,” Glenmark Pharma said in a statement.
Glenmark Pharma informed that the drug will be available as a prescription-based medication for Rs 103 per tablet, with recommended dose being 1800 mg twice daily on day 1, followed by 800 mg twice daily up to day 14. “Favipiravir can be used in COVID-19 patients with co-morbid conditions such as diabetes and heart disease with mild to moderate COVID 19 symptoms,” company said. “This approval comes at a time when cases in India are spiralling like never before, putting tremendous pressure on our healthcare system. We hope the availability of an effective treatment such as FabiFlu® will considerably help assuage this pressure and offer patients in India a much needed and timely therapy option,” said Glenn Saldanha, Chairman and Managing Director of Glenmark Pharmaceuticals Ltd.
COVID-19 patients show high viral load at the time of symptom onset suggests treating with a combination of antiviral drugs- highly effective and minimize the emergence of resistance, Glenmark said in a press brief. “In line with this strategy, Glenmark proposes to combine two anti-viral drugs Favipiravir (An approved drug for novel flu pandemics) with Umifenovir (An approved drug for Influenza) – safety well established. Both drugs acting on different mechanisms the combined use of Favipiravir and Umifenovir offers a comprehensive antiviral cover on pre-entry and post-entry life-cycle of SARS-CoV-2 virus,” it added.