SMS Pharma soars after receiving license to manufacture COVID-19 drug

SMS Pharmaceuticals jumped 13.1% to Rs 109.2 after the pharmaceutical company received a non-exclusive license through the Medicines Patent Pool (MPP) to manufacture nirmatrelvir, an oral COVID-19 antiviral drug developed by Pfizer.

Pfizer previously announced that traces of the COVID-19 oral antiviral candidate Paxlovid show that the drug significantly reduces the risk of hospitalization or death from any cause by 89% compared to placebo in high-risk non-hospitalized adult patients with COVID-19 treated within three days of onset of symptoms.

Pfizer has signed a voluntary license with the Medicines Patent Pool (MPP) allowing MPP to sub-license the manufacture of generic versions of its oral COVID-19 treatment to a qualified generic medicine manufacturer to supply and middle-income countries, including India. The agreement will allow MPP to enable additional production and distribution of the drug, pending regulatory clearance or approval, by sub-licensing to a qualified generic drug manufacturer.

P Vami Krishna, Executive Director of SMS Pharmaceuticals, said, “With the dynamic and ever-changing challenges of COVID-19 across the globe, SMS Pharma is committed to developing and manufacturing affordable, high-quality, breakthrough generic products. that will help overcome current and future barriers to sustainable health for the population. We strongly believe in our heritage to license products that require high quality efficiency while maintaining lower costs and faster turnaround times.

SMS Pharmaceuticals is engaged in the manufacture and sale of active pharmaceutical ingredients (APIs) and their intermediates. The Company’s main products/services include pharmaceuticals. The Company’s product range includes APIs and Intermediates.

The pharmaceutical company reported a 58% drop in consolidated net profit to Rs 8.96 crore on an 18.6% drop in net sales to Rs 121.25 crore in Q3 FY22 compared to Q3 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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