Cipla share gains 2% on plan to launch own version of Remdesivir

Share price of Cipla rose in an otherwise weak trading session on Wednesday after the pharmaceutical company said it would launch its version of Covid-19 drug Remdesivir in the next 1-2 days, and begin supplying it to the market.

"We are attempting to launch remdesivir in the next 1-2 days. We cannot comment on the volumes just as yet, but there is a huge demand-supply gap in the market," Kedar Upadhyay, Cipla CFO told CNBC-TV18.

Cipla share price gained 1.82% to intraday high of Rs 648 against earlier close of Rs 636.

Cipla stock price has risen 2.3% in one week, 0.98% in one month and 34% since the beginning of the year.

Cipla stock has gained 1.23% in last 2 days of straight gains. Market capitalisation of the firm stood at Rs 51,722.38 crore as of today's session.

Cipla stock price is trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock trades mere 48 points away from ist 52-week high of Rs 696.

Privately held Indian firm Sovereign Pharma, that is manufacturing and packaging generic Remdesivir for Cipla said it has dispatched the first batch on Tuesday.

Gilead Sciences Inc's Remdesivir is in high demand for the treatment of Covid-19 patients, although its supply has remained limited.

Cipla launched its generic version of remdesivir, Cipremi, last month and drugmaker plans to sell the remdesivir at a price of Rs 4,000 per vial (approx).

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