Cipla shares towered over 9 percent to hit a career-high on Monday after the company informed stock exchanges that it had received approval from the government’s Drug Controller General of India (DCGI). Approval to manufacture and market a generic version of Gilead Sciences’ experimental COVID-19 treatment Remdesivir.
The US approves antiviral drug Remdesivir to treat coronavirus patients. The US Food and Drug Administration on May authorized remdesivir, an experimental antiviral drug, for emergency use to treat COVID-19.
Cipla Limited and Gilead Sciences
Cipla Limited is an Indian multinational pharmaceutical and biotechnology company, headquartered in Mumbai, India. Cipla primarily develops medicines to treat respiratory, cardiovascular disease, arthritis, diabetes, weight control, and depression, other medical conditions.
Remdesivir is a broad-spectrum antiviral medication developed by the bio pharmaceutical company Gilead Sciences. It administered via injection into a vein. As of 2020, remdesivir is being tested as a specific treatment for COVID-19. Authorized for emergency use in the US, India, Singapore, and approved for use in Japan for severe symptoms. It also received approval in the UK in May 2020. However, it was going to rationed due to limited supply. It may shorten the time it takes to recover from the infection.
As of April 2020, remdesivir was viewed as the most promising treatment for COVID-19 and included among four treatments under evaluation in the international Solidarity trial and European Discovery trial. The FDA stated on 1 May 2020 that it is “reasonable to believe” that known and potential benefits of remdesivir outweigh known and potential risks, in some specific populations hospitalized with severe COVID‑19. As of May 2020, there was no good evidence that remdesivir reduced mortality in people with COVID-19. For more health news click here.
“The US drug regulator issued an Emergency Use Authorization (EUA) to Gilead Sciences Inc. for emergency use of Remdesivir for the treatment of hospitalized 2019 coronavirus disease (COVID-19) patients. It is the only US FDA approved Emergency Use Authorisation (EUA) treatment for adult and pediatric patients hospitalized with suspected or laboratory-confirmed COVID-19 infection,” the Mumbai-based drugmaker said in its regulatory filing.
Cipla hit rate
Cipla shares towered over 9 percent to hit a career-high on Monday after the company informed stock exchanges that it had received approval from the government’s Drug Controller General of India (DCGI). Approval to manufacture and market a generic version of Gilead Sciences’ experimental COVID-19 treatment Remdesivir. The stock has seen an upward trend in 2020 despite the COVID-19 selloff. It has jumped over 40 percent on a year-to-date basis as against a 14 percent fall in Sensex.
Cipla will be marketing and supplying the drug through both government and open market channels, the company said in a statement. Remdesivir is the only US FDA approved EUA treatment for adult and pediatric patients hospitalized with suspected or laboratory-confirmed COVID-19 infection. India has over 4.25 lakh coronavirus cases, recording the most significant single-day jump of 445 deaths amid renewed concerns over the rapid rise in new infections in the country.