Glenmark's shares rise up to 40% following launch of potential coronavirus drug

Days after Glenmark Pharmaceuticals launched its anti-viral drug to treat coronavirus patients, the company's shares surged 40 per cent to Rs 572.7 on Monday in the intra-day trade on the BSE.

The company claims that FabiFlu is the first oral Favipiravir-approved medication in India to treat COVID-19.

Favipiravir is undergoing trials in other countries too over its efficacy.

"This approval comes at a time when cases in India are spiralling like never before, putting tremendous pressure on our healthcare system," Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals said.

The prescription-based drug will be available at an MRP of Rs 3,500 for a strip of 34 tablets.

The pharma company's medication got approval from India's Drug Controller General of India (DCGI) on Friday.

Glenmark is also separately testing a combination of favipiravir and umifenovir, another anti-viral medicine, for its potential to treat coronavirus.