The share price of Jubilant Life Sciences hit a fresh 52-week high after the company received the Indian drug regulator’s nod to market the antiviral drug remdesivir for restricted emergency use in India for the treatment of severe COVID-19.
The stock rallied 4.43 percent to hit a 52-week high of Rs 753.50 apiece on the BSE. The stock has jumped a whopping 227 percent from its recent 52-week low of Rs 230 hit on March 25, 2020.
On Monday, the company announced that its subsidiary, Jubilant Generics Limited, had received approval from the Drug Controller General of India (DCGI) to manufacture and market the investigational antiviral drug remdesivir for 100 mg/vial (lyophilized injection) for restricted emergency use in India for the treatment of severe COVID-19.
Jubilant’s remdesivir product will be marketed under the brand name ‘JUBI-R’ in India and will be made available in 100 mg vials (injectable). It would be administered intravenously in a hospital setting under the supervision of a medical practitioner, the company said in a regulatory filing.
The company will distribute the drug in the Indian market through its distribution network and it will be available by the first week of August 2020.
In May 2020, Jubilant had entered into a non-exclusive licensing agreement with Gilead Sciences, Inc. that granted it the right to register, manufacture and sell Gilead’s investigational drug remdesivir in 127 countries including India.
Remdesivir is the only antiviral drug that has received Emergency Use Authorization (EUA) by the USFDA for treatment of suspected or laboratory confirmed COVID-19 in adults and children hospitalized with severe disease, it added.