Bajaj Health care gains 10 percent on receiving nod for launching black fungus drug
Published On: Friday, May 28, 2021 | By: Team KnowMyStock
The share price of Bajaj Healthcare rallied 10 percent to hit a 52-week high of Rs 700 on Friday after the company received approval to launch a drug Posaconazole API to treat black fungus infection in COVID-19 patients.The company has received approval from FDA (Food and Drugs Administration) Gandhi Nagar, Gujarat (India), to manufacture and market Posaconazole API as approved medication for treating Mucormycosis in India, Bajaj Healthcare said in a regulatory filing.Bajaj Healthcare said it will commence its commercial production from the first week of June 2021.Posaconazole is a triazole antifungal agent indicated for treating Mucormycosis patients. More than 11,000 cases of black fungal infection have been reported from different parts, forcing state governments to declare it an epidemic.
Anil Jain, Joint Managing Director, Bajaj Healthcare said, “We hope the availability of an effective treatment such as Posaconazole will considerably ease the pressure and offer patients much needed and timely therapy option."
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