Gland will manufacture and supply up to 252 million doses of Russia’s Sputnik V coronavirus vaccine. The production will begin in the fourth quarter of 2021.
Aarti Drugs Ltd.
Drugmaker Gland Pharma March 17 announced it had entered a partnership with the Russian Direct Investment Fund (RDIF) to manufacture and supply up to 252 million doses of Russia’s Sputnik V coronavirus vaccine.
However, profit-booking dragged the company’s shares 6 percent lower intraday, just a day after they hit their 52-week high of Rs 2,784.45. At 11:41 hrs Gland Pharma was quoting at Rs 2,567.10, down Rs 151.55, or 5.57 percent.
Gland said the production will begin in the fourth quarter of 2021.
“Gland Pharma will be leveraging its manufacturing capabilities for the production of Sputnik V COVID-19 vaccine. The agreement will see Gland Pharma utilising its Drug Substance and Drug Product facilities at its sites in Hyderabad, Gland Pharma said in a statement.
The production is expected to commence from the third quarter of 2021 for estimated delivery starting from the fourth quarter of 2021, it added.
Under the terms of the agreement, Gland Pharma said it will first undertake technology transfer of the drug substance to its manufacturing facilities.
After successful technology transfer, Gland Pharma will then undertake the manufacturing of drug substance and drug product filling into vials under aseptic conditions.
The company’s shares had hit a 52-week low of Rs 1,500 on October 18, 2020. Currently, it is trading 7.81 percent below its 52-week high and 71.14 percent above its 52-week low.
Gland Pharma operates primarily under a business to business (B2B) model and has an excellent track record in the development, manufacturing and marketing of complex injectables.
It has a wide range of injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, oncology and ophthalmic solutions and also enjoys the distinction of having pioneered Heparin technology in India.