Panacea Biotec Zooms 19% After News that it Will Produce Sputnik V Vaccine

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Panacea Biotec Zooms 19% After News that it Will Produce Sputnik V Vaccine

By Aditya Raghunath -- Shares of New Delhi-based pharma company Panacea Biotec Ltd (NS: PNCA ) are up 19.14% as of this report after news broke last evening, after market hours, that the company will produce 100 million doses annually of the Russian Sputnik V vaccine for COVID-19. The stock is trading at Rs 219.17.

Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, also the firm that markets the shots internationally said this on Monday. However, the date when production will start hasn’t been announced yet.

Sputnik V has been registered in 59 countries across the world that have a combined population of over 1.5 billion. The efficacy of the vaccine is 91.6%.

“Cooperation with Panacea Biotec is an important step to produce the vaccine in India and to supply our international partners around the world,” said Kirill Dmitriev, CEO, RDIF. The price of Sputnik V is less than $10 a shot, said Rajesh Jain, MD, Panacea Biotech.

Shares of Gland Pharma Ltd (NS: GLAD ) and Dr. Reddy’s Laboratories Ltd (NS: REDY ), two other companies that manufacture this vaccine are down by 0.62% and up 1.45% respectively at the time of this report.

RDIF has already contracted firms like Hetero, Gland Pharma and Stelis Biopharma to produce Sputnik V Vaccine doses in India.

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