Cipla Shares Surge 9% To Hit 52-Week High On Launch Of COVID-19 Treatment Drug

Shares of Cipla Limited rose as much as 9.2 percent to a 52-week high of Rs 696 on BSE after the company launched remdesivir for the treatment of adult and paediatric COVID-19 patients.

The homegrown multinational pharma major launched the generic version of remdesivir, under the name brand name Cipremi which has been authorised for emergency use in the treatment of COVID-19 patients by the US FDA (the US Food and Drug Administration).

Cipla will be marketing and supplying the drug through both government and open market channels, the company said in a statement. It added that it will be commercialising remdesivir through its own facilities and partnered sites.

Remdesivir is the only US FDA approved emergency treatment drug for adult and paediatric patients hospitalised with suspected or laboratory confirmed COVID-19 infection, especially those on oxygen support. In India, besides Cipla, Hetero Pharma has received approval to manufacture and market remdesivir.

Cipla has not yet disclosed its pricing for the generic remdesivir.