Bajaj Healthcare share price gained over 5 percent intraday on May 28 after the company launched drug 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.
The stock was trading at Rs 693.00, up Rs 56.95, or 8.95 percent. It has touched a 52-week high of Rs 700. It has touched an intraday high of Rs 700 and an intraday low of Rs 635.50.
The company said FDA Gandhi Nagar, Gujarat (India) has granted permissions to manufacture and market the Posaconazole API in the domestic as well as overseas market.
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