Divi’s Laboratories Surges 10%, hits Record High On Merck’s Positive Clinical Trial Data For Covid Drug

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Shares of the Hyderabad-active pharmaceutical ingredient maker Divi’s Laboratories rose as much as 10 per cent to hit an intraday high of Rs 5,313.80 after Merck and Company’s partner Ridgeback Biotherapeutics said on Friday that its experimental antiviral drug molnupiravir could halve the chances of dying or being hospitalised for those most at risk of contracting severe COVID-19. Divi’s Laboratories makes the main ingredient of Merck & Co’s drug. Divi’s Labs on May 26 informed exchanges that it was authorized manufacturer for Molnupiravir API to Merck’s partners in India.

Global drugmaker Merck and partner Ridgeback Biotherapeutics on Friday said molnupiravir could halve the chances of dying or being hospitalised for those most at risk of contracting severe COVID-19, according to the data released by the companies hailed as a “potential breakthrough” by experts.

Surge in Divi’s Labs shares price led to the Nifty Pharma index rising nearly 2 per cent.

Divi’s Laboratories shares have so far this year advanced 38 per cent compared with Sensex which has gained 25 per cent.

As of 12:34 pm, Divi’s Laboratories was the top Nifty gainer with a gain of 8.6 per cent higher at Rs 5,246, outperforming the Nifty which was up 0.7 per cent.

Author: desi123

Desi123.com is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

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