On Tuesday, Jubilant Life Sciences shares rose as much as 5.5 percent to hit a 52-week high of Rs 909 apiece after the drug firm launched the generic version of antiviral drug remdesivir in India for the treatment of COVID-19 patients.
The injectable drug, under the brand name 'JUBI-R', is priced at Rs 4,700 per vial of 100 mg.
The company said that it will make the drug available to over 1,000 hospitals providing COVID-19 treatment.
In order to increase the accessibility of the drug to patients below the poverty line and to front-line paramedical staff, Jubilant Bhartia Foundation, a not-for-profit organisation of the Jubilant Group, is launching programs in India aimed at its distribution, the company said in a statement.
The company's ability to launch this product in such short timelines highlights its R&D and manufacturing capabilities and its continued commitment to provide leading healthcare solutions, it added.
In May 2020, Jubilant entered into a non-exclusive licensing agreement with Gilead Sciences Inc that granted it the right to register, manufacture and sell the US-based firm's investigational drug remdesivir in 127 countries, including India, the statement said.
On 20 July 2020, the company received approval from the Drug Controller General of India (DCGI) to manufacture and market remdesivir for 100 mg/vial (lyophilized injection) for restricted emergency use in India for the treatment of severe COVID-19.
The drug will require to be administered intravenously in a hospital setting under the supervision of a medical practitioner.
Remdesivir is the only antiviral drug that has received Emergency Use Authorization (EUA) by the United States Food and Drug Administration (USFDA) for the treatment of suspected or laboratory confirmed COVID-19 in adults and children hospitalised with severe disease, the company said.