Gland Pharma moves up on inking pact to supply upto 252 million doses of RDIF’s Sputnik V COVID-19 vaccine

Gland Pharma is currently trading at Rs. 2640.25, up by 98.30 points or 3.87% from its previous closing of Rs. 2541.95 on the BSE.

The scrip opened at Rs. 2558.55 and has touched a high and low of Rs. 2675.00 and Rs. 2533.00 respectively. So far 27528 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 2,724.65 on 16-Mar-2021 and a 52 week low of Rs. 1701.00 on 20-Nov-2020.

Last one week high and low of the scrip stood at Rs. 2724.65 and Rs. 2416.45 respectively. The current market cap of the company is Rs. 43164.18 crore.

The promoters holding in the company stood at 58.36%, while Institutions and Non-Institutions held 23.54% and 18.10% respectively.

Gland Pharma has entered into an agreement to supply upto 252 million doses of RDIF’s Sputnik V COVID-19 vaccine. This is the first of multiple partnerships being explored by Gland Pharma to leverage its manufacturing capacity and capabilities to support global supply of COVID-19 vaccine.

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. The production is expected to commence from third quarter of 2021 for estimated delivery starting from fourth quarter of 2021.

Under the terms of the agreement, Gland Pharma will first undertake technology transfer of the drug substance to its manufacturing facilities. After successful technology transfer, Gland Pharma will then undertake manufacturing of drug substance and drug product filling into vials under aseptic conditions. Gland Pharma’s expertise in manufacturing of sterile injectable at significant scale will support in establishing a stable supply of COVID-19 vaccine.

Gland Pharma develops, manufactures and markets complex injectables. The company sells its products primarily under a business-to-business model in over 60 countries, including the US, Canada, Australia and India.