Jubilant Life Sciences shares were locked in an upper circuit of 5 percent at Rs 428.55, while Cipla's share price rallied over 6 percent to Rs 605 on the NSE during Wednesday morning trade.

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Jubilant Life Sciences and Cipla on Tuesday signed non-exclusive voluntary licensing agreements with US drug maker Gilead Sciences to manufacture remdesivir, a potential drug against coronavirus.

Jubilant Life Sciences in its statement said that the company is monitoring the various ongoing clinical trials and regulatory approvals closely. “We would be ready to launch remdesivir shortly after required regulatory approvals," it said.

Big bull Rakesh Jhunjhunwala last month increased his stake in the pharma giant to 4.41 percent in the quarter ended March 2020.

Hetero Labs, Mylan and Pakistani firm Ferozsons Laboratories have also signed commercial agreement with Gilead to manufacture and distribute the drug in 127 countries.

Remdesivir is an investigational broad spectrum anti-viral developed by Gilead and is being studied as a potential therapy for COVID-19. The drug has not been formally approved as COVID-19 treatment.

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First Published:May 13, 2020 11:35 AM IST