Panacea Biotec share rose 20% today after the drug maker said it has inked pact with Russian Direct Investment Fund (RDIF) to produce 100 million doses per year of the Sputnik V COVID-19 vaccine in India. Share of the pharma firm rose 19.99% to Rs 220.85 against previous close of Rs 184.40 on BSE.
The stock opened with a gain of 15.68% at Rs 212.90. Panacea Biotec stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has risen 70% in one year and fallen 10.17% since the beginning of this year. Market cap of the firm rose to Rs 1,314 crore on BSE.
Production of Sputnik V at Panacea Biotec sites will help facilitate global supply of Sputnik V to international partners of RDIF, the New-Delhi based company said in a release. Panacea Biotec has production facilities at Baddi (Himachal Pradesh), Lalru (Punjab) and Delhi.
Sputnik V, the human adenoviral vector-based platform vaccine candidate developed by Russia's Gamaleya National Research Institute of Epidemiology and Microbiology, was registered by the Ministry of Health of Russia on August 11, 2020.
"Efficacy of Sputnik V is 91.6 per cent as confirmed by the data published in the Lancet, one of the world's oldest and most respected medical journals," the release said. "Vaccine partnerships are the only way to overcome the pandemic...Cooperation with Panacea Biotec is an important step to produce the vaccine in India and to supply our international partners around the world," RDIF CEO Kirill Dmitriev said.
Panacea Biotec MD Rajesh Jain said the company will produce Sputnik V in its internationally accredited facilities, complying to strict GMP (good manufacturing practice) standards and prequalified by WHO.