Glenmark, Cipla stocks surge after nod to launch drugs for COVID-19

New Delhi: Shares of pharma companies Glenmark and Cipla surged on Monday after both companies announced getting nod to launch drugs for mild-to-moderate COVID-19 infections.

At 2.31, the Glenmark stocks were up by Rs 123.70 or 30.22 apiece on NSE while the shares of Cipla at NSE were higher by Rs 27.25 or 4.28 percent.

The Nifty pharma index was trading higher by 2.62 percent at 10264.45 at 2.41 pm.

Homegrown pharma major Cipla on Sunday announced the launch of its generic version of remdesivir, which has been authorised for emergency use in treatment of COVID-19 patients by the USFDA, under its brand name Cipremi.

The USFDA had issued an Emergency Use Authorization (EUA) to Gilead Sciences Inc for emergency use of remdesivir for the treatment of COVID-19 patients.

Meanwhile, Glenmark Pharmaceuticals on Saturday said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate COVID-19 at a price of about Rs 103 per tablet.