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Home >Markets >Stock Markets >Panacea Biotec hits 20% upper circuit on pact with RDIF for Sputnik-V vaccine

Mumbai: Shares of Panacea Biotec were locked in the 20% upper circuit on Tuesday after the company announced its co-operation with the Russian Direct Investment Fund (RDIF) to produce 100 million doses per year of Sputnik-V vaccine.

Panacea Biotech share rose to 2,220.85 on Tuesday, while the benchmark index, Sensex fell 0.04% to 49137.86.

RDIF, Russia's sovereign wealth fund, and Panacea Biotec, will produce 100 million doses per year of Sputnik V, the world's first registered vaccine against coronavirus. The announcement was made after market hours on Monday, according to a release to the exchanges.

Production of Sputnik-V at Panacea Biotec sites will help facilitate global supply of the vaccine to international partners of RDIF. Sputnik-V, the world's first registered vaccine against the novel coronavirus infection, has been registered in 59 countries globally with total population of over 1.5 billion people. Efficacy of Sputnik-V is 91.6% as confirmed by the data published in the Lancet, one of the world's oldest and most respected medical journals.

The price of Sputnik V is less than $10 per shot, making it affordable around the world. There are no strong allergies caused by Sputnik V.

Rajesh Jain, managing director of Panacea Biotec, said: "Panacea Biotec brings decades of vaccine manufacturing and distribution know-how to scale-up Sputnik-V supplies. Panacea Biotec will produce Sputnik-V in its internationally accredited facilities· complying to strict GMP standards and prequalified by WHO."

The company reported a consolidated net loss of 40.05 crore for the quarter ended December 2020 against a net loss of 21.32 crore for the same quarter a year ago. Net sales during the December 2020 quarter declined 15.49% YoY to 141.76 crore.

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