New Delhi (Anish Yande): Panacea Biotec shares surged by up to 20 percent on Tuesday. The shares rose following the announcement of the signing of the deal with the Russian Direct Investment Fund. The pharma company has agreed to produce 10 crore doses of the Sputnik V Covid-19 vaccine annually.
The shares of Panacea Biotec were trading at Rs 215.00, at an increase of 16 percent following the opening bell. Panacea Biotec shares reached an intraday high of Rs 221.25 on Tuesday, at an increase of 19 percent.
Panacea Biotec to produce 10 crore doses of Sputnik V:
Panacea Biotec would be producing the Sputnik V Covid-19 vaccine in its internationally accredited facilities. These facilities adhere to strict GMP standards and is prequalified by the World Health Organization. Panacea Biotec has production facilities located in Delhi, Baddi in Himachal Pradesh, and Lalru in Punjab.
The pharma company would be supplying the manufactured Sputnik V vaccine to international partners of RDIF.
Russian Direct Investment Fund has also signed agreements with Indian pharma firms such as Stelis Biopharma, Gland Pharma, and Hetero for developing the Sputnik V Covid-19 vaccine in India.
Sputnik V pending approval from CSDO:
The Sputnik V Covid-19 vaccine is pending approval from Central Drugs Standard Control Organization (CSDO) for emergency authorization. The subject expert committee of the CSDO would be issuing its approval for the Sputnik V vaccine. The subject expert committee has requested Dr. Reddy’s Laboratories for more data on the Sputnik V Covid-19 vaccine.
Sputnik V Covid-19 vaccine is developed by Gamaleya National Research Institute of Epidemiology and Microbiology in Russia. The Sputnik V vaccine is a human adenoviral vector-based platform vaccine candidate. The vaccine was registered on August 11, 2020, by the Ministry of Health of Russia.
According to Lancet, the efficacy of the Sputnik V Covid-19 vaccine is 91.6 percent.
The Sputnik V vaccine utilizes two different vectors for the shots during vaccination. The vaccine has a storage temperature range of 2-8 degrees Celsius and can be stored in a refrigerator.
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