Cipla hits 52-wk high on launch of generic remdesivir for Covid-19 patients

Topics Cipla | Buzzing stocks | Markets

Cipla will commercialise remdesivir through its own facilities and partnered sites
Shares of Cipla rallied 9 per cent on Monday to hit a fresh 52-week high of Rs 696 on the BSE after the company launched the generic version of Gilead Sciences' Remdesivir, lyophilized powder for injection, 100 mg under its brand name 'Cipremi'.

Remdesivir is the only United States Food and Drug Administration (USFDA) approved emergenecy use authorization (EUA) treatment in severe (hospitalised) Covid-19 patients.

In May, Gilead Sciences Inc. extended a voluntary non-exclusive license to Cipla to manufacture and market Cipla’s generic version of remedisvir called 'Cipremi'. The company recently received the Drug Controller General of India (DGCI) approval for the same and had secured nonexclusive license from Gilead in May.

As part of its efforts to enable speedy and equitable access to this treatment and in anticipation of demand, Cipla will be commercialising remdesivir through its own facilities and partnered sites. The drug will be supplied through Government and open market channels, to ensure equitable distribution.

Brokerage firm ICICI Securities expects launches from other players such as Jubilant Life, Dr Reddys, Cadila and others to follow in a short while.

At 11:04 am; Cipla was trading 4 per cent higher at Rs 664 on the BSE, as compared to 0.7 per cent rise in the S&P BSE Sensex. The pharmaceutical company's stock hit a record high of Rs 752 on March 10, 2015. The trading volumes on the counter jumped an over three-fold with a combined around 18 million shares have changed hands on the BSE and NSE.

 


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel