Glenmark zooms 9% on DCGI nod to conduct clinical trials for Covid-19 drug

Glenmark is the first pharma company in India to be given an approval by the regulator to start the trial on COVID-19 patients

Shares of Glenmark Pharmaceuticals rallied 9 per cent to Rs 359 on the BSE on Thursday after the company announced that it has received approval from the regulator DCGI (Drug Controller General of India) to conduct clinical trials on Favipiravir Antiviral tablets for COVID-19 patients.

The product is a generic version of Avigan of Fujifilm Toyama Chemical, Japan, a subsidiary of Fujifilm Corporation. As on date, Glenmark is the first pharmaceutical company in India to be given an approval by the regulator to start the trial on COVID-19 patients in India, the company said in a press release.

Favipiravir has demonstrated activity against influenza viruses and has been approved in Japan for the treatment of novel influenza virus infections. In the past few months, post the outbreak of COVID-19, multiple clinical trials have been initiated on COVID-19 patients in China, Japan and in the US.

“If the clinical trials are successful, Favipiravir could become a potential treatment for COVID-19 patients,” said Sushrut Kulkarni, Executive Vice President – Global R&D, Glenmark Pharmaceuticals.

At 09:16 am, the stock was trading 6 per cent higher at Rs 350 on the BSE, against 2 per cent rise in the S&P BSE Sensex. Around 740,000 shares have changed hands on the counter the BSE and NSE so far.