After the Indian government has given a nod for oral antiviral drug favipiravir for its use to treat COVID-19 patients, Glenmark Pharma share price surged 27 percent, hitting the upper circuit of Rs 572.70 per share on the BSE.
The stock was surged over 153% in the last 3 months and recently touched Rs 519.80/share from Rs 110.70/share which is a 52 week high.
The Mumbai based company was given a nod by the Indian government where the users should give their consent before taking the treatment from favipiravir and the drug is meant for ‘restricted emergency use’. Currently, favipiravir has been undergoing many trials in other countries to trust its efficiency for the usage against Coronavirus.
In a brief explanation to Stock Exchange Glenmark said that favipiravir which it plans to sell as FabiFlu was given a nod by the Indian Government based on ‘evaluation of data’. The company has begun a late-stage trial in May and is also testing the combination of umifenovir and favipiravir as they both are potential drugs to treat Coronavirus.