Strides Pharma commences export of Favipiravir tablets; stock surges 15%

Shares of Strides Pharma Science surged 15 per cent to Rs 432 on the BSE on Wednesday after the company announced that it has developed and commercialized Favipiravir Antiviral tablets. The product has demonstrated positive outcomes in Covid-19 treatment globally. It is a generic version of Avigan of Toyama Chemical, Japan.

Favipiravir is an antiviral medication that was initially developed to treat influenza in Japan. In February 2020, post the outbreak of Novel Coronavirus (Covid-19), Favipiravir was studied in China and several other countries as an experimental treatment of Covid-19. The drug has demonstrated positive outcomes, including a reduction in the duration of Covid-19 and improved lung conditions for the patients.

“Strides is the first Indian Company to have commenced export of Favipiravir tablets. The initial supplies start to 3 Gulf Cooperation Council (GCC) countries to treat patients under their Covid-19 procurement program. The company is to immediately apply to Indian Drug Authorities to commence necessary studies and make the drug available to Indian patients expeditiously,” the company said in a press release.

The company has also entered into a preferred arrangement with a leading Indian API manufacturer for the supplies of Favipiravir API, it said.