Glenmark shares hit upper circuit twice as its COVID-19 drug enters phase-3 clinical trial

• The shares of Glenmark Pharmaceuticals climbed over 32% within a few minutes of trading on June 22.
• The company has a market cap of nearly $132.83 billion.
• The stock has gained over 138% since March 31.
• The new antiviral drug Favipiravir will be used for the treatment of mild-to-moderate Covid-19 cases.

The shares of Glenmark Pharmaceuticals climbed over 32% hitting the upper circuit set by the stock exchanges twice within a few minutes of trading on June 22. The company has a market capitalisation of nearly $132.83 billion.

The stellar rally in the stock was triggered after Glenmark became the first company in India on Saturday to receive the drug regulator's approval to conduct phase-3 clinical trial of Favipiravir antiviral tablets for Covid-19 patients.

The stock has gained over 138% since March 31.

What is Favipiravir?

The new antiviral drug Favipiravir ⁠— used to treat influenza before COVID-19 pandemic ⁠— will be used for the treatment of mild-to-moderate Covid-19 cases.

Favipiravir could be used for Covid-19 patients with other conditions like diabetes and heart disease, the company said. It would offer a rapid reduction in viral load within four days and faster symptomatic and radiological improvement, the statement added.

Glenmark has developed the active pharmaceutical ingredient (API) and formulation for FabiFlu through an in-house research team.

How much does it cost?

It will be available under the brand name FabiFlu as a prescription-based medication for ₹103 per tablet, with a recommended dose of 1,800 mg twice a day on day 1 and 800 mg twice a day up to 14th day. Glenmark received the approval for manufacturing and marketing Favipiravir from the Drugs Controller General of India (DCGI) on Friday.

Favipiravir is backed by strong clinical evidence, showing encouraging results in patients with mild to moderate Covid-19. It offers broad-spectrum RNA virus coverage with clinical improvement noted in the 20-90 plus age group. Patients from over 10 leading government and private hospitals were enrolled for the study.

SEE ALSO: Glenmark gets DCGI nod for favipiravir for treatment of COVID-19 patients'

Glenmark launches COVID-19 drug at Rs 103 per tablet