Mangalam Drugs zooms on expanding anti-malaria API portfolio with Pyronaridine

Mangalam Drugs and Organics is currently trading at Rs. 122.50, up by 7.75 points or 6.75% from its previous closing of Rs. 114.75 on the BSE.

The scrip opened at Rs. 115.90 and has touched a high and low of Rs. 124.25 and Rs. 115.90 respectively. So far 36010 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 132.40 on 20-Feb-2024 and a 52 week low of Rs. 85.16 on 15-Apr-2024.

Last one week high and low of the scrip stood at Rs. 124.25 and Rs. 106.30 respectively. The current market cap of the company is Rs. 192.15 crore.

The promoters holding in the company stood at 50.32%, while Institutions and Non-Institutions held 0.21% and 49.47% respectively.

Mangalam Drugs and Organics is expanding its anti-malaria API portfolio with the introduction of Pyronaridine, having recently received prestigious pre-qualification from WHO Geneva. The World Health Organization (WHO) has endorsed the Pyronaridine and Artesunate combination for malaria treatment. It is the second company, following the innovator, to achieve this significant milestone.

This development will position the company at the forefront of anti-malaria API production globally and is expected to drive substantial growth and profitability for the Company. In this regard, the company is currently collaborating with the Bill and Melinda Gates Foundation (BMGF) for technical assistance to achieve backward integration of Pyronaridine, which will enhance the cost-competitiveness of this API in the coming years.

The Medicine for Malaria Venture (MMV), headquartered in Geneva, Switzerland, is a non-profit organization dedicated to the development and support of innovative antimalarial therapies. MMV is actively engaged in advancing new treatments for malaria and is focused on optimizing combination therapies. The organization has endorsed the use of the pyronaridine-artesunate combination therapy as a recommended treatment for malaria. This combination leverages the synergistic effects of both drugs to enhance therapeutic efficacy and combat malaria more effectively.

Mangalam Drugs and Organics is an India-based company engaged in the manufacturing of chemicals, such as active pharma ingredients (API) perfumery, disperse dye intermediates, bulk drugs and bulk drugs intermediates.