Bajaj Healthcare Limited (BHL) will manufacture Favijaj, popularly known as Favipiravir for treatment of mild to moderate COVID-19 patients. This antiviral drug used for treating patients suffering from the influenza virus and has proved to be effective over COVID patients.
The shares of the company surged after this news. The stock was up by 10 per cent and closed at Rs 583.05 per piece. The stock hit an intraday high of Rs 618 and an intraday low of Rs 523.40.
BHL is a manufacturer of APIs, Intermediates and Formulations. The company has received approval from India's drug regulator, to manufacture and market Favijaj, the oral Favipiravir approved medication in India for the treatment of COVID-19. Bajaj Healthcare received the approval on May 4.
Commenting on the launch of Favipiravir, Anil Jain, Joint Managing Director, Bajaj Healthcare said, "We are pleased to add Favipiravir to our growing product portfolios. The second waves is more aggressive and bigger in number than the first. We hope the availability of an effective treatment such as Favijaj will considerably ease the pressure, and offer patients much needed and timely therapy option."
BHL has successfully developed the active pharmaceutical ingredient (API) and the formulation for Favipiravir through its own in-house R&D team, the company stated.
The drug controller of India's has granted permissions to supply the Favijaj in the domestic as well as in the overseas market.
The company has nine manufacturing facilities, of which 6 units are dedicated to APIs, 2 units to Intermediates and 1 unit for formulation. These facilities are designed to meet the requirements of both advanced as well as emerging market opportunities.