Bajaj Healthcare soars on launching posaconazole API

Bajaj Healthcare surged 6.01% to Rs 674.30 after the company announced the launch of posaconazole API, commonly used for treating mucormycosis (black fungus) infections in COVID-19 patients.

The company has received approval from FDA Gandhi Nagar, Gujarat (India), to manufacture and market Posaconazole API as approved medication for treating Mucormycosis in India. The firm will commence its commercial production from first week of June 2021.

The company has successfully developed the active pharmaceutical ingredient (API) for Posaconazole through its own in-house R&D team. The drug will be available as a prescription-based medication, with recommended doses.

Posaconazole is a triazole antifungal agent indicated for treating Mucormycosis patients popularly known as Black Fungus in post-COVID complications.

Black fungus is a deadly fungal infection and has triggered a new health challenge in the country. More than 11,000 cases of black fungal infection have been reported from different parts, forcing state governments to declare it an epidemic.

Anil Jain, joint managing director, Bajaj Healthcare said We are pleased to add Posaconazole API to our growing product portfolios. The second waves of coronavirus is more aggressive and bigger in number than the first.

According to doctors, the fungal infection that has emerged during the second wave has been widely linked with excessive usage of steroids and uncontrolled diabetes in coronavirus positive patients.

We hope the availability of an effective treatment such as Posaconazole will considerably ease the pressure and offer patients much needed and timely therapy option."

Bajaj Healthcare is a leading manufacturer of APIs, intermediates and formulations. It specializes in manufacturing of of amino acids, intermediates, API, formulations & nutraceuticals.

The company's net profit surged to Rs 326.1% to Rs 26.42 crore on a 79.6% rise in net sales to Rs 178.33 crore in Q3 FY21 over Q3 FY20.

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