Skip to content 
Search

Latest Stories

Glenmark gets regulatory approval for Covid-19 drug Favipiravir; share price zooms

Glenmark Pharmaceuticals has launched antiviral drug Favipiravir for the treatment of mild to moderate Covid-19 patients. The company  received manufacturing and marketing approval from India's drug regulator. It is the first oral Favipiravir-approved medication in India for the treatment of the pandemic.

"This approval comes at a time when cases in India are spiralling like never before, putting a tremendous pressure on our healthcare system," said Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals.


"We hope the availability of an effective treatment such as FabiFlu will considerably help assuage this pressure, and offer patients in India a much needed and timely therapy option."

The approval for favipiravir in India, which Glenmark plans to sell as FabiFlu, was granted based on "evaluation of data", the company said in a brief statement to stock exchanges.

Following the news, Glenmark Pharma share price surged 35 per cent, hitting upper circuit of Rs 552.25 per share on the BSE on Monday (22). It has touched a 52-week high of Rs 552.25.

The stock has surged over 169 per cent in the last three months,

The Mumbai-based company said the Drugs Controller General of India's approval was part of India's accelerated approval process and the drug was meant for "restricted emergency use", meaning patients must sign their consent before being treated by the drug.

Favipiravir is also undergoing trials in other countries to test its efficacy as a Covid-19 treatment.

Glenmark began a late-stage trial of favipiravir on Covid-19 patients in May. It is also separately testing a combination of favipiravir and umifenovir, another anti-viral drug, as a potential Covid-19 treatment, reports said.

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less