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Cipla share price hits 52-week high on DCGI's nod to produce Remdesivir

India's Drug Regulator gave permission to Hetero and Cipla to manufacture and market antiviral drug remdesivir for "restricted emergency use" on hospitalised COVID-19 patients

twitter-logoBusinessToday.In | June 22, 2020 | Updated 12:03 IST
Cipla share price hits 52-week high on DCGI's nod to produce Remdesivir
The stock has risen 2.95% in one week, 3.65% in one month and 38% since the beginning of the year

Cipla shares were trading as the top gainer on Nifty, rising over 9% in Monday's opening session after the drug company along with Hetero received an emergency marketing approval for Remdesivir for the treatment of severe Covid-19 patients from the drug controller general of India.

Cipla said in a regulatory filing it has launched Cipremi (Remdesivir lyophilised powder for injection 100 mg), the only USFDA approved Emergency Use Authorisation (EUA) for the treatment of patients suffering from severe COVID-19 disease.

Cipla said it is the only drug regulator approved treatment for adult and paediatric patients hospitalised with suspected or laboratory-confirmed COVID-19 infection.

Following the news, Cipla shares opened with a gain of 9.25% today and hit a new 52 week high of Rs 696. The stock closed at Rs 637.10 on BSE.

Cipla share is trading higher than its 5, 20, 50, 100 and 200-day moving averages. The stock has risen 2.95% in one week, 3.65% in one month and 38% since the beginning of the year. Market capitalisation of the firm stood at Rs 53,403 crore.

India's Drug Regulator gave permission to Hetero and Cipla to manufacture and market antiviral drug remdesivir for "restricted emergency use" on hospitalised COVID-19 patients.

Cipla and Hetero Labs have already entered into non-exclusive licensing agreements with Gilead Sciences, he patent holder of the drug remdesivir.

As per the agreement, Cipla will manufacture and market Cipla's generic version of remedisvir called CIPREMI. Cipla will provide training on the use of the drug, informed patient consent documents, conduct post-marketing surveillance as well as to conduct a Phase IV clinical trial on Indian patients.

Commenting on the launch, Umang Vohra (MD and Global CEO, Cipla Limited) said, "Cipla appreciates the strong partnership with Gilead to bring remdesivir to patients in India. We have been deeply invested in exploring all possible avenues to save millions of lives impacted by COVID-19 pandemic, and this launch is a significant milestone in that direction. We will continue to collaborate with all stakeholders in the healthcare ecosystem  towards providing access to such promising treatments in furtherance with our belief that no patient should be denied  access to life-saving treatments."

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