Shares of drugmaker Shilpa Medicare rose a whopping 3 percent to an intraday high of Rs 592 after the company announced it had received approval from Drug Controller General of India (DCGI) for covid-19 adjunct therapy drug. Shilpa Medicare has received approval for 2-Deoxy 2-Glucose (Bulk and Oral Powder).
“The majority is manufactured by Shilpa Medicare Limited, API facility in Raichur,’ Karnataka. The oral powder is manufactured by its subsidiary, Shilpa Therapeutics, facility in Hyderabad, Telangana,” said Shilpa Medicare in a grant application.
The medicine will be available on the market under the brand name ‘2-DGSHIL’.
2-Deoxy-2-glucose oral powder is approved for the treatment of adjunctive therapy in moderate to severe COVID-19 patients, Shilpa Medicare added.
In May of this year, Raichur-based Shilpa Medicare formed an affiliation with Dr. Reddy’s Labs to make the Sputnik V vaccine.
As of 1:41 p.m., Shilpa Medicare shares traded 1 percent higher at Rs 580, outperforming the Sensex, which was up 0.6 percent.