Morepen Lab soars on producing test batch of Sputnik V in India

Morepen Laboratories surged 9.84% to Rs 71.45 after the company announced the production of the test batch of the Russian Sputnik V coronavirus vaccine in an exclusive facility in state of Himachal Pradesh (HP).

The first batch will be shipped to the Gamaleya Center for the quality control. The Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund and Morepen Laboratories signed a cooperation agreement in June 2021 and are actively implementing the technology transfer.

Sputnik V was granted an emergency use authorization in India on 12 April 2021. India is the leading production hub for Sputnik V. RDIF had reached agreements earlier with other leading pharmaceutical companies in India - Gland Pharma, Hetero Biopharma, Panacea Biotec, Stelis Biopharma and Virchow Biotech. In total, agreements with partners in India provide for production of more than 850 million doses of Sputnik V per year.

To date, Sputnik V has been registered in 67 countries globally with a total population of over 3.5 billion people. The data obtained by regulators of a number of countries during the vaccination of the population, including Argentina, Serbia, Bahrain, Hungary, Mexico and others.

Sputnik V is based on a proven and well-studied platform of human adenoviral vectors and uses two different vectors for the two shots in a course of vaccination, providing immunity with a longer duration than vaccines using the same delivery mechanism for both shots.

Morepen Laboratories' consolidated net profit surged 142.8% to Rs 26.76 crore on a 38.7% surge in net sales to Rs 286.60 crore in Q4 March 2021 over Q4 March 2020.

Morepen Laboratories is a pharmaceutical and healthcare products company. It is a leading manufacturer of high-quality APIs, Home Diagnostics, Formulations and OTC products in north India.

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