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MUMBAI (Bloomberg): Strides Pharma Science Ltd’s shares headed for their biggest jump since 2004 after the Indian generic drug producer began exporting increasingly used Favipiravir tablets to treat coronavirus infections.
The Bengaluru-based company said it developed and marketed the drug, a copy of Avigan from Fujifilm Holdings Corp, and that it has been shown to reduce the duration of Covid-19 and improve lung conditions in patients, according to an exchange document.
Stocks rose as much as 18% in Mumbai, the best performer on the BSE-500 index. The stock has increased 20% so far in 2020 after declining for four consecutive years.
Strides will produce the drug at its factory in the southern city of Bengaluru, which is approved by the US FDA. USA And it can produce up to six billion pills a year. The drug will initially be exported to three Gulf countries to treat patients with Covid-19, the company said without providing details.
Strides said he plans to request the Indian drug authorities to start the necessary studies and to make the drug available locally. – Bloomberg
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