Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Markets / Stock Markets/  Panacea Biotec shares rise as co to produce 100 mn of Sputnik V doses annually
BackBack

Panacea Biotec shares rise as co to produce 100 mn of Sputnik V doses annually

Delhi-based Panacea Biotec Ltd on Monday announced an agreement to manufacture 100 million doses of Sputnik V vaccine per year for the Russian Direct Investment Fund (RDIF).

A study published in The Lancet in February showed that the Sputnik vaccine was 91.6% efficacious in preventing covid-19. (Reuters)Premium
A study published in The Lancet in February showed that the Sputnik vaccine was 91.6% efficacious in preventing covid-19. (Reuters)

Shares of Panacea Biotec surged around 17% in Tuesday's early deals after the company on Monday announced that it has entered an agreement to manufacture 100 million doses of Sputnik V vaccine per year for the Russian Direct Investment Fund (RDIF).

“Panacea Biotec will produce Sputnik V in its internationally accredited facilities, complying to strict GMP (good manufacturing practices) standards and prequalified by the WHO (World Health Organization)," Panacea Biotec managing director Rajesh Jain said in a statement.

The production of Sputnik V at Panacea Biotec sites will help facilitate global supply of Sputnik V to international partners of the RDIF, the two companies said in the statement. The RDIF is the global commercialization partner of the original developer of the vaccine, Moscow’s Gamaleya Research Institute of Epidemiology and Microbiology.

Sputnik V has been registered in 59 countries globally with total population of over 1.5 billion people. The efficacy of Sputnik V is 91.6% as confirmed by the data published in the Lancet.

RDIF has already partnered with other Indian pharma firms such as Hetero, Gland Pharma and Stelis Biopharma to produce millions of Sputnik V Vaccine in India.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Apr 2021, 10:09 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App