Jubilant Pharmova jumps over 7% amid development of a novel oral formulation of Remdesivir

Due to the covid-19 pandemic, the pharma sector has been the most to benefit. In this regard, Jubilant Pharmova has spurted over seven per cent amid the development of a novel oral formulation of Remdesivir.  

In a filing to exchanges, Jubilant Pharma, a subsidiary of Jubilant Pharmova Limited announced the successful completion of safety and pharmacokinetic/absorption studies in animals and healthy human volunteers in India using a novel oral formulation of Remdesivir against the commercially available injectable formulation of Remdesivir. 

The company in its statement said, “Jubilant has sought authorization for additional studies for this novel oral formulation from the Drug Controller General of India (DCGI).” It further stated, the proposed oral treatment is expected to be for 5 days, a duration similar to the injectable dosage form 

Remdesivir is the first and the only anti-viral drug fully approved by the US FDA for the treatment of patients with COVID-19 requiring hospitalisation, which is in scarcity amid rising cases in the country. Moreover, the government has also capped the price of Remdesivir amid the rising demand for the drug. 

This news has helped the stock of the company jump by over seven per cent to Rs 775 per share intraday. The stock had jumped to Rs 805 per share and even as it had opened at Rs 740. 

The findings from both preclinical and human studies indicate that the drug is able to undergo absorption when administered using the novel oral formulation, the company also said in the filing. 

The benchmark indices Sensex and Nifty plunged by over two and a half per cent, whereas broader markets too underperformed as small and mid-cap indices fell by over three per cent each. 

All sectors, barring the pharma index, are in negative amid covid fears. Out of 50 heavyweights, seven are advances, and 43 are declines. Seven of three stocks are from Pharma Index with Dr Reddy and Cipla surging the most during today’s session.