The pharmaceutical company’s stake rose 19.99% to Rs 220.85 from the previous closing price of Rs 184.40 on BSE. The stock opened at Rs 212.90 with a gain of 15.68%
Panacea Biotec shares are trading higher than the moving average of 5 days, 20 days, 50 days, 100 days and 200 days.
Panacea Biotec’s stake rose 20% today after the drug maker signed a pact with the Russian Direct Investment Fund (RDIF) to produce 100 million doses of the Sputnik V COVID-19 vaccine per year in India. The pharmaceutical company’s stake rose 19.99% to Rs 220.85 from the previous closing price of Rs 184.40 on BSE.
The stock opened at Rs 212.90 with a gain of 15.68%. Panacea Biotec’s stock trades higher than the moving average of 5 days, 20 days, 50 days, 100 days and 200 days. The share has increased by 70% in one year and has fallen by 10.17% since the beginning of the year. The company’s market capitalization rose to BSE to 1,314 rupees.
The production of Sputnik V at Panacea Biotec’s sites will help facilitate the global delivery of Sputnik V to RDIF’s international partners, the New Delhi-based company said in a press release. Panacea Biotec has production facilities in Baddi (Himachal Pradesh), Lalru (Punjab) and Delhi.
Sputnik V, the vaccine candidate developed by the Russian Gamaleya National Research Institute of Epidemiology and Microbiology based on human adenoviral vectors, was registered by the Russian Ministry of Health on August 11, 2020.
“The effectiveness of Sputnik V is 91.6 percent, as confirmed by data published in the Lancet, one of the oldest and most respected medical journals in the world,” the press release said. “Vaccine partnerships are the only way to overcome the pandemic … Working with Panacea Biotec is an important step in making the vaccine in India and supplying our international partners around the world,” said Kirill Dmitriev, CEO of RDIF .
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Rajesh Jain, managing director of Panacea Biotec, said the company will produce Sputnik V in its internationally accredited plants, with strict GMP (Good Manufacturing Practice) standards being followed and pre-qualified by the WHO.