Panacea Biotec jumps on supplying 1st shipment of the 2nd component of Sputnik V vaccine

Panacea Biotec spurted 5.74% to Rs 311.50 after the company announced the supply of the 1st shipment out of 1 million doses of the 2nd component of the Russian Sputnik V coronavirus vaccine manufactured by Panacea Biotec for sale in India.

This is the first batch of the second component produced and supplied by the company in India. The doses of the second component of Sputnik V have been manufactured at the Panacea Biotec's state of the art vaccine manufacturing facility in Himachal Pradesh.

Panacea Biotec received necessary clearance from Central Drug Laboratories (CDL), Kasauli on 31 August 2021. Full-scale production of Spuntik V started at Panacea Biotec's facilities this summer. Facilities comply with GMP standards and are prequalified by WHO.

The batch will be distributed in India through a partner of Russian Direct Investment Fund (RDIF) and Panacea Biotec - Dr Reddy's Laboratories. To date Sputnik V has been authorized in 70 countries with total population of over 4 billion people.

On a consolidated basis, Panacea Biotec reported a net loss of Rs 57.35 crore in Q1 FY22 as compared to a net loss of Rs 34.13 crore in Q1 FY21. Net sales fell 0.2% to Rs 132.45 crore in Q1 FY22 over Q1 FY21.

Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialization of prescription medicines.

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