Bengaluru, India–based Everest Organics (BOM:524790) saw its share price jump 15% today to ₹347.10 after announcing it has begun manufacturing the active pharmaceutical ingredient (API) for a molnupiravir generic.
Molnupiravir is an experimental oral drug that appears to substantially reduce the rate of COVID-19-related hospitalization for patients with mild-to-moderate infections.
Reuters has reported that molnupiravir developer Merck (NYSE:MRK) has agreements with multiple Indian companies related to the manufacture of the drug.
Merck partnered with Ridgeback Biotherapeutics in developing molnupiravir, which scientists with ties to Emory University initially discovered.
“After the successful development and commercialization of various COVID-19 drugs, such as Oseltamivir, Remdesivir, [and] Posaconazole, Everest Organics Limited is on its path of expansion of this portfolio,” said Everest Organics CEO Srikakarlapudi Sirisha in a statement.
Everest notes that its Hyderabad facility exports APIs to drug companies in more than 40 countries.
Merck formally filed for emergency use authorization of the drug on Monday.
Filed Under: Drug Discovery, Infectious Disease