Panacea Biotec Ltd has tied up with the Russian Direct Investment Fund to produce 100 million doses a year of the Sputnik V coronavirus vaccine.
Sputnik V is priced at less than $ 10 per shot, making it one of the most affordable vaccines. (Image: Reuters)
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Panacea Biotec share price surged over 16 percent intraday on April 6 after the company said it would produce 100 million doses a year of the Russia-made Sputnik V coronavirus vaccine.
The Delhi-based Panacea Biotec Ltd had an agreement with the Russian Direct Investment Fund, Russia’s sovereign wealth fund, to produce 100 million doses per year of Sputnik V, the company said in an exchange filing.
Production of Sputnik V at Panacea Biotec sites will help facilitate global supply of Sputnik V to international partners of RDIF, it added.
The stock was trading at Rs 215.00, up Rs 30.95, or 16.82 percent, at 1021 hours. It has touched an intraday high of Rs 220.85 and an intraday low of Rs 212.
The scrip also witnessed 11.60 times spurt in volume and was trading with volumes of 141,454 shares compared to its five-day average of 14,003 shares, an increase of 910.18 percent.
The vaccine is currently awaiting a recommendation for emergency authorization from a subject expert committee (SEC) of the Central Drugs Standard Control Organization (CSDO) following which it will go for a nod from the drugs controller general of India, Mint reported.
The SEC deferred its decision on an emergency nod to the Russian vaccine and asked Dr Reddy’s Laboratories, which one of the first Indian companies to tie up with RDIF, to provide more data.
The SEC asked the Hyderabad-based drugmaker to submit the fact sheet for the vaccine along with details on stability, as a variant of the vaccine needs to be stored at a temperature of -18 degrees Celsius. While the liquid form requires a storage temperature of -18 degrees Celsius, the freeze-dried form can be stored at 2-8 degrees Celsius.
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