Glenmark Pharmaceuticals shares soar 20% after Covid-19 drug launch – business news


Shares of Glenmark Pharmaceuticals on Monday rallied 20 per cent after the company said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate Covid-19.

The scrip jumped 19.99 per cent to Rs 490.90 — its upper circuit limit — on the BSE.

On the NSE, it zoomed 19.99 per cent to Rs 491.20 — its highest permissible trading limit for the day.

The drug firm on Saturday said it has launched antiviral drug FabiFlu for the treatment of patients with mild to moderate Covid-19 at a price of about Rs 103 per tablet. The drug will be available as a 200 mg tablet at a maximum retail price (MRP)of Rs 3,500 for a strip of 34 tablets, Glenmark Pharmaceuticals said.

FabiFlu is the first oral favipiravir-approved medication in India for the treatment of Covid-19, it said in a statement. The Mumbai-based firm had on Friday received the manufacturing and marketing approval from the Drugs Controller General of India.



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