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Wockhardt share price jumps 10% on Covid-19 vaccine deal with UK

BusinessToday.In     August 4, 2020

Wockhardt shares were trading 10% higher in Tuesday's early trade after the Indian drugmaker said it will supply millions of doses of multiple COVID-19 vaccines to the United Kingdom.

Following the news, shares of the pharmaceutical and biotechnology major Wockhardt opened at Rs 308 and later touched an intraday high of Rs 333.7, rising 9.9% against the earlier close of Rs 303.40 on BSE. Wockhardt share price has gained 29% in the last 6 days. Wockhardt stock has only buyers and no sellers offering the stock.

Wockhardt share price trades higher than 5, 20, 50, 100 and 200-day moving averages.

Market cap of Wockhardt rose to Rs 3,695.50 crore as of today's session. The stock price of Wockhardt has gained 21% in one month and 42% since the beginning of the year.

UK government has reserved one fill and finish production line for its exclusive use for the next 18 months in order to guarantee the supply of vaccines required to fight COVID-19, company said in a regulatory filing.

The manufacturing will be undertaken at CP Pharmaceuticals, a subsidiary of Wockhardt based in Wrexham, North Wales, it added later. The vaccine is co-invented by the University of Oxford and its spin-out company, Vaccitech and licensed by AstraZeneca.

Dr Habil Khorakiwala, Founder Chairman of Wockhardt emphasised, "The pandemic of COVID-19 is a challenge for all and needs a concerted effort to overcome. We are proud to be collaborating with the UK Government to make vaccines available and the arrangement brings in a huge sense of purpose and pride, it upholds our ongoing commitment to fight against such a pandemic of global human importance. As a global organisation, we are focussed and committed to assisting in mitigating the worldwide impact of COVID-19."

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