Divi shares hit record high of up to 10%
The news sent the shares of Divi to a record high of up to 10 per cent, pushing the Nifty Pharma index 2.4 per cent to an all-time high.
- Reuters
- Last Update:October 04, 2021, 5:06 pm IS
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Shares of India’s Divi’s Laboratories Ltd, which is the main ingredient of Merck & Co’s experimental antiviral pill, rose 10% on Monday, following reports of positive clinical trial results for the drug.
Global drugmaker Merck and partner Ridgeback Biotherapeutics said on Friday that mollupiravir could halve the chances of dying or being hospitalized for people at risk of contracting severe COVID-19, a “potential breakthrough” termed by experts. As per the data released as
The news propelled Divi’s shares to record highs of up to 10 per cent, propelling the Nifty Pharma index 2.4 per cent to an all-time high. In May Divi’s said it was an authorized active pharmaceutical ingredients (API) manufacturer for molnupiravir and was allowed to supply APIs to Merck’s partners in India.
Shares of generic drug makers Cipla, Sun Pharma, Dr Reddy’s Laboratories and Torrent Pharmaceuticals, which are jointly conducting clinical trials with mollupiravir in India, also gained 1.1 per cent to 2.3 per cent.
In July, privately-held Hetero Labs said it was also seeking permission for home emergency use for the experimental treatment, after interim data from a later-stage trial showed that molnupiravir helped hospitalize mild cases of COVID-19. helped reduce recruitment.
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