Strides rises after announcing commercialization of generic version of Pfizer's Covid drug

Strides Pharma Science jumped 4.33% to Rs 348.55 after the company announced d a sub-license agreement with Medicines Patent Pool (MPP) to commercialize a generic version of Pfizer's COVID-19 oral treatment in 95 low and middle-income markets.

Developed by Pfizer, the treatment is a SARS-CoV-2 main protease inhibitor oral antiviral therapy. The drug consists of nirmatrelvir tablets which are co-packaged and co-administered with ritonavir tablets. The product has been authorized as a Covid-19 oral therapy for emergency use in the U.S. and many other countries, both amongst high-risk adults and high-risk pediatric patients.

The drug will be branded as Kovidax by Strides for generic version of the Pfizer oral treatment and it will be launched in 95 markets as part of the sub-licensing agreement. The product will be manufactured at Strides' flagship facility in Bengaluru, and the drug company said it has already secured its Active Pharmaceutical Ingredients (API) supplies through a preferred partnership arrangement.

Arun Kumar, Founder of Strides Pharma Science said, Kovidax is the latest addition to our covid care portfolio and is part of our commitment to produce high-quality medicines to fight the challenges of Covid-19 outbreak around the world. We are glad to collaborate with MPP to commercialize the generic version of the Pfizer product and reach out to the global markets. Our forte lies in the scalability and affordability, and we are hopeful of maximizing the reach for Kovidax in a short period.

Strides Pharma Science is a global pharmaceutical company headquartered in Bengaluru, India.

On a consolidated basis, Strides Pharma Science reported a net loss of Rs 126.66 crore in Q3 FY22 as compared to a net profit of Rs 35.16 crore in Q3 FY21. Net sales declined 4.5% to Rs 794.39 crore in Q3 FY22 over Q3 FY21.

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