Strides Pharma Science soared 16.82% to Rs 437.20 after the company announced that it has developed and commercialized Favipiravir antiviral tablets.
Favipiravir is an antiviral medication that was initially developed to treat influenza in Japan. The drug is a generic version of Avigan of Toyama Chemical, 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 has developed Favipiravir tablets in 400mg and 200mg strengths for convenient dosage administration. The product is currently being exported to GCC countries to treat patients under their treatment program for Covid-19. Strides will alsoimmediately apply to Indian Drug Authorities to commence necessary studies and make the drug available to Indian patients expeditiously.
Favipiravir tablets are being manufactured at Strides' flagship facility in Bangalore, India. The facility can produce up to 6 billion units of solid orals annually and is approved by USFDA, MHRA, WHO, TGA among others. Strides has also entered into a preferred arrangement with a leading Indian API manufacturer for the supplies of Favipiravir API. The partner has already commercialized the Favipiravir API from its USFDA, KFDA, PMDA and WHO approved manufacturing facility and has capabilities to manufacture the Favipiravir API from its Key Starting Material (KSM) in-house. The announcement was made before market hours today, 29 April 2020.
On a consolidated basis, the drug maker's net profit slumped 68% to Rs 93.89 crore despite a 28.5% rise in net sales to Rs 732.44 crore in Q3 December 2019 over Q3 December 2018.
Strides Pharma Science is a global pharmaceutical company. It focuses on difficult to manufacture products that are sold in over 100 countries.
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