The scrip rallied 4.99 per cent to Rs 429.95 on the BSE, and 4.99 per cent to Rs 428.55 on the NSE.
(Photo: Jubilant)
Shares of Jubilant Life Sciences on Wednesday rose 5 per cent after the company said it has entered into a pact with Gilead Sciences for an investigational drug, remdesivir which is a potential therapy for COVID-19.
The scrip rallied 4.99 per cent to Rs 429.95 on the BSE, and 4.99 per cent to Rs 428.55 on the NSE.
The non-exclusive agreement, signed between Jubilant Life Sciences’ subsidiary Jubilant Generics Ltd and Gilead, will grant the former the right to register, manufacture and sell the latter’s investigational drug, remdesivir – a potential therapy for COVID-19 – in 127 countries including India, the company said in a regulatory filing.
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Under the pact, Jubilant will have the right to receive technology transfer of Gilead manufacturing process to scale up production to enable expedited access of the medicine to COVID-19 patients upon approvals by regulatory authorities in the respective countries.
This includes nearly all low-income and lower-middle-income countries, as well as several upper-middle and high-income countries that face significant obstacles to healthcare access, it added.
Commenting on the partnership, Jubilant Life Sciences Chairman Shyam S Bhartia and Co-Chairman and Managing Director Hari S Bhartia said that based on initial data, remdesivir shows promise to be a potential therapy for COVID-19, a pandemic creating unprecedented health and economic crisis globally.
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