Jubilant Life Sciences share price hit upper circuit of 5% in early trade today after the pharma firm said its subsidiary has inked an agreement with Gilead Sciences for remdesivir, an investigational drug for treating coronavirus.
Following the announcement, Jubilant Life Sciences share price opened with a gain of 5% at Rs 429.95 against the previous closing price of Rs 409.50.
It was stuck in upper circuit of 5% subsequently. The pharma stock has gained 17.33% in the last 5 days. There were only buyers no sellers for the stock.
Jubilant Life Sciences stock price currently trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
Volume-wise, 3,876 shares changed hands on BSE amounting to turnover of Rs 16.66 .
Jubilant Generics has inked an agreement with Gilead Sciences. The agreement allows Jubilant to register, manufacture and sell remdesivir in 127 countries, including India. This is the first voluntary licence for remdesivir.
"Under the licensing agreement, Jubilant will have the right to receive a technology transfer of the Gilead manufacturing process to scale up production to enable expedited access of the medicine to COVID-19 patients upon approvals by regulatory authorities in respective countries," Jubilant Life Sciences said on Tuesday.
Remdesivir, an antiviral medicine developed by Gilead, has been received Emergency Use Authorisation (EUA) by USFDA to treat COVID-19. It, however, remains an investigational drug, and has not been approved by the US drug regulator as a cure against coronavirus.