BUSINESS

Panacea Biotec Up 5% as Company Starts Producing Sputnik V Vaccine in India

Shares of Panacea Biotec Ltd were frozen at 5 per cent upper circuit at Rs 406.10 on the BSE on Tuesday after the company and the Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund) has announced the launch of production of the Russian Sputnik V vaccine against coronavirus.

The stock of the biotechnology company was trading close to its 52-week high level of Rs 407.20, touched on April 28, 2021. Till 09:28 am, a combined 143,000 equity shares changed hands and there were pending buy orders for around 960,000 shares on the NSE and BSE.

“The first batch produced at the company’s facilities at Baddi will be shipped to the Gamaleya Center for quality control. Full-scale production of the vaccine is due to start this summer, Company’s facilities comply with Good Manufacturing Practice (GMP) standards and are prequalified by World Health Organization (WHO),” Panacea Biotec said in a press release.

Sputnik V was registered in India under the emergency use authorization procedure on April 12, 2021 and vaccination against coronavirus with the Russian vaccine started on May 14. As announced in April, RDIF and Panacea have agreed to produce 100 million doses per year of Sputnik V.

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