Jubilant Life Sciences shares jump 5% after company signs pact with Gilead COVID-19 therapy drug

Shares of Jubilant Life Sciences on Wednesday rose 5 percent after the company said it has entered into a pact with Gilead Sciences for an investigational drug, remdesivir which is a potential therapy for COVID-19

Press Trust of India May 13, 2020 13:06:45 IST
Jubilant Life Sciences shares jump 5% after company signs pact with Gilead COVID-19 therapy drug

New Delhi: Shares of Jubilant Life Sciences on Wednesday rose 5 percent after the company said it has entered into a pact with Gilead Sciences for an investigational drug, remdesivir which is a potential therapy for COVID-19 .

The scrip rallied 4.99 percent to Rs 429.95 on the BSE, and 4.99 percent to Rs 428.55 on the NSE.

Jubilant Life Sciences shares jump 5 after company signs pact with Gilead COVID19 therapy drug

Representative image. Reuters

The non-exclusive agreement, signed between Jubilant Life Sciences' subsidiary Jubilant Generics Ltd and Gilead, will grant the former the right to register, manufacture and sell the latter's investigational drug, remdesivir - a potential therapy for COVID-19 - in 127 countries including India, the company said in a regulatory filing.

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Under the pact, Jubilant will have the right to receive technology transfer of the Gilead manufacturing process to scale up production to enable expedited access of the medicine to COVID-19 patients upon approvals by regulatory authorities in the respective countries.

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This includes nearly all low-income and lower-middle-income countries, as well as several upper-middle and high-income countries that face significant obstacles to healthcare access, it added.

Commenting on the partnership, Jubilant Life Sciences Chairman Shyam S Bhartia and Co-Chairman and Managing Director Hari S Bhartia said that based on initial data, remdesivir shows promise to be a potential therapy for COVID-19 , a pandemic creating unprecedented health and economic crisis globally.

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