Glenmark Pharma shares trim most of early gains, close over 2 pc higher

Shares of Glenmark Pharmaceuticals on Thursday trimmed most of its sharp early gains and closed over 2 per cent higher.

In early trade, shares of the company had gained after it received approval from DCGI to conduct clinical trials of Favipiravir antiviral tablets, used for treatment of COVID-19 patients.

The company said it is the first firm in India to receive such an approval from the Drug Controller General of India (DCGI).

The scrip closed at Rs 337.20 on the BSE, a gain of 2.27 per cent, after jumping 8.88 per cent to Rs 359 during the day.

On the NSE, it closed 2.36 per cent higher at Rs 337.50. During the day, it had zoomed 8.88 per cent to Rs 359.

Having internally developed the active pharmaceutical ingredients (API) and the formulations for the product, the company filed the product for clinical trials with the DCGI and has received approval for conducting the trial on mild to moderate patients, Glenmark Pharmaceuticals said in a statement.

Favipiravir antiviral tablet has demonstrated activity against influenza viruses and has been approved in Japan for the treatment of novel influenza virus infections, it added.