Shares of Panacea Biotec surged around 17% in Tuesday's early deals after the company on Monday announced that it has entered an agreement to manufacture 100 million doses of Sputnik V vaccine per year for the Russian Direct Investment Fund (RDIF).
“Panacea Biotec will produce Sputnik V in its internationally accredited facilities, complying to strict GMP (good manufacturing practices) standards and prequalified by the WHO (World Health Organization)," Panacea Biotec managing director Rajesh Jain said in a statement.
Premium The production of Sputnik V at Panacea Biotec sites will help facilitate global supply of Sputnik V to international partners of the RDIF, the two companies said in the statement. The RDIF is the global commercialization partner of the original developer of the vaccine, Moscow’s Gamaleya Research Institute of Epidemiology and Microbiology.
Sputnik V has been registered in 59 countries globally with total population of over 1.5 billion people. The efficacy of Sputnik V is 91.6% as confirmed by the data published in the Lancet.
RDIF has already partnered with other Indian pharma firms such as Hetero, Gland Pharma and Stelis Biopharma to produce millions of Sputnik V Vaccine in India.
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