New Delhi, Jun 29 (PTI) Shares of Bajaj Healthcare on Tuesday zoomed nearly 13 per cent after the drug firm said it has moved the Indian Patent Office requesting to grant a compulsory licence for manufacturing and supply of COVID-19 drug Baricitinib.

The stock closed 12.93 per cent higher at Rs 813.35 on the BSE. During the day, it jumped 19.95 per cent to Rs 863.95 -- its 52-week high.

In traded volume terms, 5.33 lakh shares were traded at the BSE during the day.

The company had approached Eli Lilly & Company on two occasions to sign the voluntary licence for manufacturing and supply of Baricitinib and had assured it about manufacturing a high-quality product at an affordable price for the Indian patient population, Bajaj Healthcare said in a filing to BSE on Monday.

Eli Lilly & Company declined the applications on both the occasion, citing the reason that it is really challenging for them to sign voluntary licensing agreements with all the Indian companies who have requested for the same, it added.

"When all the attempts to get the voluntary licence from the patentee were futile, BHL moved to Indian Patent Office, requesting to grant a compulsory licence for manufacture and supply of COVID-19 Drug Baricitinib, so that it can supply the essential medicine in this pandemic situation in India," Bajaj Healthcare Ltd (BHL) said.

"We have moved the Indian Patent Office to grant a compulsory licence for manufacturing and supply of Covid Drug Baricitinib (API and formulation). Currently, the drug Baricitinib is licensed to US pharma giant Eli Lilly & Company, by its originator company INCYTE, providing them the rights for marketing it across the globe," Bajaj Healthcare Ltd Joint MD Anil Jain said.

Considering Bajaj Healthcare's manufacturing capabilities and strong in-house R&D team, "we can produce 'Baricitinib' at very competitive and affordable prices in India," he added.

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