Skip to content
Search

Latest Stories

Glenmark gets regulatory approval for Covid-19 drug Favipiravir; share price zooms

Glenmark Pharmaceuticals has launched antiviral drug Favipiravir for the treatment of mild to moderate Covid-19 patients. The company  received manufacturing and marketing approval from India's drug regulator. It is the first oral Favipiravir-approved medication in India for the treatment of the pandemic.

"This approval comes at a time when cases in India are spiralling like never before, putting a tremendous pressure on our healthcare system," said Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals.


"We hope the availability of an effective treatment such as FabiFlu will considerably help assuage this pressure, and offer patients in India a much needed and timely therapy option."

The approval for favipiravir in India, which Glenmark plans to sell as FabiFlu, was granted based on "evaluation of data", the company said in a brief statement to stock exchanges.

Following the news, Glenmark Pharma share price surged 35 per cent, hitting upper circuit of Rs 552.25 per share on the BSE on Monday (22). It has touched a 52-week high of Rs 552.25.

The stock has surged over 169 per cent in the last three months,

The Mumbai-based company said the Drugs Controller General of India's approval was part of India's accelerated approval process and the drug was meant for "restricted emergency use", meaning patients must sign their consent before being treated by the drug.

Favipiravir is also undergoing trials in other countries to test its efficacy as a Covid-19 treatment.

Glenmark began a late-stage trial of favipiravir on Covid-19 patients in May. It is also separately testing a combination of favipiravir and umifenovir, another anti-viral drug, as a potential Covid-19 treatment, reports said.

More For You

UK economy contracts unexpectedly in January

Chancellor Rachel Reeves speaks while holding roundtable discussion during a visit to RAF Waddington in eastern England. (Photo by YUI MOK/POOL/AFP via Getty Images)

UK economy contracts unexpectedly in January

BRITAIN's economy unexpectedly shrank in January, official data showed on Friday (14), piling more pressure on the Labour government ahead of its Spring Statement on the economy.

Gross domestic product contracted 0.1 per cent in the month after GDP rose 0.4 per cent in December, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Pakistan’s government is the largest shareholder or owner of most power companies

Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt

Eastern Eye

PAKISTAN government is negotiating a 1.25 trillion Pakistani rupee (£3.4 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.

Plugging unresolved debt across the sector is a top priority under an ongoing $7bn (£5.4bn) International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.

Keep ReadingShow less
Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less