Pfizer spurts after US parent identifies potential coronavirus treatment

Pfizer surged 5.01% to Rs 4472.05 after the company's US-based parent, Pfizer Inc, on Monday said it identified some antiviral compounds with potential as coronavirus treatments.

The scrip jumped 15.75% to hit the day's high at Rs 4929.85, which is also a 52-week high for the scrip.

Pfizer Inc's chief scientific officer Mikael Dolsten participated in a meeting with other pharmaceutical companies about various ways to develop vaccines and therapeutics for COVID-19 held at the White House.

Offering comment on COVID-19 White House meeting, Pfizer said that it identified certain antiviral compounds it had in development that have the potential to inhibit coronaviruses and is engaging with a third party to screen the compounds.

It currently expects to have the results back by the end of March. Upon completion of such screening, the company could be in a position to move forward with development depending on the results. Toxicology studies would then need to be completed prior to any clinical development, but if successful, Pfizer hopes to be in the clinic by no later than the end of 2020.

Shares of Pfizer Inc. jumped 4.37% to $34.88 on Monday at the New York Stock Exchange.

Pfizer is a research-based global biopharmaceutical company which is engaged in the discovery, development and manufacture of healthcare products.

Pfizer East India B.V., which is owned by Pfizer Inc., held 39.75% stake in the Indian unit as on 31 December 2019.

The Indian drug maker's standalone net profit rose 5.4% to Rs 139.06 crore on a 4.7% increase in net sales to Rs 538.18 crore in Q3 December 2019 over Q3 December 2018.

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