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.
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