Glenmark Pharma shares soar 27% after COVID-19 drug FabiFlu launch

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Shares of Glenmark Pharmaceuticals on Monday rallied 27 per cent after the company said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate COVID-19.

The scrip jumped 27.06 per cent to close at Rs 519.80 on the BSE. During the day, it zoomed 39.99 per cent to Rs 572.70 -- its 52-week high.

On the NSE, it gained 26.96 per cent to close at Rs 519.75.

In terms of volume, 46.33 lakh shares were traded at the BSE and 8.92 crore on the NSE.

Its market valuation rose by Rs 3,124.1 crore to Rs 14,667.10 crore on the BSE.  

The drug firm on Saturday said it has launched antiviral drug FabiFlu for the treatment of patients with mild to moderate COVID-19 at a price of about Rs 103 per tablet.

The drug will be available as a 200 mg tablet at a maximum retail price of Rs 3,500 for a strip of 34 tablets, Glenmark Pharmaceuticals said.

FabiFlu is the first oral favipiravir-approved medication in India for the treatment of COVID-19, it said in a statement.

The Mumbai-based firm had on Friday received the manufacturing and marketing approval from the Drugs Controller General of India.