Bajaj Healthcare, which had closed yesterday at Rs.720.20, opened today in the green and went up to hit an intraday high at Rs.863.95, a new high and which is just a tad away from its 20% UC of the day at Rs.864.20.
The stock hit the roof as it announced that it has moved the Indian Patent Office requesting to grant a compulsory license for manufacturing & supply of Covid-19 drug “Baricitinib” (API and Formulation).
Currently, Eli Lilly and company has received Emergency Use Authorization (EUA) from U.S. Food and Drug Administration (FDA) for the distribution and emergency use of Baricitinib to be used in combination with remdesivir in hospitalized adult and pediatric patients aged more than two years with suspected or laboratory confirmed COVID-19 requiring supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO).
Emergency Use Authorization (EUA) permits the emergency use of baricitinib, in combination with remdesivir, for treatment of suspected or laboratory confirmed COVID-19 in hospitalized adults and paediatric patients above two years of age.
The company had approached Eli Lilly & Company on two occasions, to sign the voluntary license for manufacturing and supply of Covid-19 Drug Baricitinib. 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.
When all the attempts to get the voluntary license from the Patentee were futile, BHL moved to Indian Patent Office, requesting to grant 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.