Latest News | Glenmark Pharmaceuticals Shares Close Nearly 3 Pc Lower

New Delhi, Jul 20 (PTI) Shares of Glenmark Pharmaceuticals closed nearly 3 per cent lower on Monday after India's drug regulator sought clarification from the company over its alleged "false claims" about use of anti-viral FabiFlu on COVID-19 patients with comorbidities and pricing of the drug.

The stock, which declined 5.10 per cent to Rs 408 on the BSE during the day, later closed at Rs 418.80, down 2.59 per cent.

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At the NSE, it declined 2.12 per cent to close at Rs 420.60. During the day, it tanked 5.75 per cent to Rs 405.

In terms of volume, 4.38 lakh shares were traded on the BSE, while over 47 lakh shares changed hands at the NSE during the day.

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The drug regulator has sought clarification from Glenmark Pharmaceuticals after receiving a complaint from a Member of Parliament (MP).

In a letter to the Mumbai-based company, Drugs Controller General of India (DCGI) Dr V G Somani stated that his office received a representation from a MP that the total cost of treatment with FabiFlu (Favipiravir) will be around Rs 12,500 and that the "cost proposed by Glenmark is definitely not in the interest of the poor, lower middle class and middle-class people of India."

"Further it has been mentioned in the representation that Glenmark has also claimed that this drug is effective in co-morbid conditions like hypertension, diabetics, whereas in reality, as per protocol summary, this trial was not designed to assess the FabiFlu in comorbid condition," the letter dated July 17 read.

No clinically sufficient data specific to these conditions are available, the DCGI said in its letter.

Glenmark Pharmaceuticals had on July 13 said it had cut the price of its antiviral drug Favipiravir, under the brand name FabiFlu, for treatment of patients with mild to moderate COVID-19 by 27 per cent to Rs 75 per tablet.

The company had launched FabiFlu last month at a price of Rs 103 per tablet.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)