Dr Reddys partners with Fujifilm & Global Response Aid for COVID-19 drug
Dr Reddy's Laboratories, an integrated pharmaceutical company, announced on Wednesday that it has partnered with Fujifilm Corporation and Global Response Aid (GRA) to develop, manufacture and sell Avigan tablets.
Avigan tablets with generic name Favipiravir is a potential treatment for COVID-19. Dr Reddy’s has exclusive rights given by Fujifilm to manufacture the drug under the tripartite agreement signed on June 30, 2020. The agreement also grants both Dr Reddy’s and GRA, the right to develop, sell and distribute Avigan in all the countries, except China, Japan and Russia.
Fujifilm is said to receive an upfront licence fee and royalty from the sales by Dr Reddy’s and GRA.
With the pre-clinical and clinical studies data provided by Fujifilm, Dr Reddy’s and GRA will target the regions, where COVID-19 infection has been spreading. Besides, the company is set to receive approval by Fujifilm to use Avigan’s patents of formulation as well as its manufacturing method. It is also in a process to establish a manufacturing setup for the drug with the same quality as of Avigan.
Along with the manufacturing setup, GRA’s global sales network will speed up the supply of drugs in a stable manner. Dr Reddy’s and GRA will introduce the product after all the approvals in their respective countries.
On Wednesday, Dr Reddy’s share is trading at Rs 3,911 with a decline of 0.78 per cent at around 2.25 pm on BSE.