MUMBAI (Bloomberg): Strides Pharma Science Ltd’s shares headed for their biggest jump since 2004 after the Indian producer of generic drugs began exports of Favipiravir tablets increasingly used to treat coronavirus infections.
The Bengaluru-based company said it developed and commercialised the drug, a copycat version of Fujifilm Holdings Corp’s Avigan, and that it has shown to reduce the duration of Covid-19 and improved lung conditions in patients, according to an exchange filing.
The shares rose as much as 18% in Mumbai, the best performer on the BSE-500 Index. The stock has risen 20% so far in 2020 after declining for four straight years. Strides will produce the drug at its factory in the southern city of Bengaluru, which has US FDA’s approval and can churn out up to six billion pills annually. The drug will initially be exported to three Gulf nations to treat Covid-19 patients, the company said without providing details.
Strides said it plans to apply to Indian drug authorities to begin necessary studies and make the drug available locally. - Bloomberg
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