Jubilant Life Sciences announced that the company has received approval from Drug Controller General of India (DCGI) for manufacturing and marketing investigational antiviral drug Remdesivir for 100 mg/vial (lyophilized injection).
The drug is specifically designed for restricted emergency use in India for the treatment of severe COVID-19. Post this announcement, the stock of Jubilant Life Sciences hit a 52-week high on Tuesday.
Remdesivir is the only antiviral drug, which has received emergency use authorisation (EUA) by United States Food and Drug Administration (USFDA) for treating suspected or laboratory-confirmed COVID-19 in adults and children, who are hospitalised with severe disease.
The company is set to market its product under the brand name ‘Jubi-R’ in India, which will be made available in 100 mg/vials (injectable). Hence, the drug is supposed to be administered to the infected patients intravenously by a medical practitioner in a hospital setting.
Being distributed through its distribution channels in India, Jubilant Life Sciences said that the drug will be available in the market by the first week of August 2020 in required quantities, at an affordable price.
Previously in May 2020, the company had signed a non-exclusive licensing agreement with Gilead Sciences, Inc. thus, providing the former with a right to register, manufacture and sell Gilead’s investigational drug Remdesivir in 127 countries, which includes India as well.
Jubilant Life Sciences Limited is an integrated global pharmaceutical, engaged primarily in pharmaceuticals, life science ingredients, and drug discovery as well as development solutions businesses.
At around 1.30 pm, the stock of the company was trading at Rs 732.50, up by 1.52 per cent or Rs 11 per share. The stock opened at Rs 749 and reached an intraday high of Rs 753.50. It has a 52-week low of Rs 230 and on Tuesday, it touched a 52-week high of Rs 753.50 on BSE.