Panacea Biotec soars on receiving license to make Sputnik V vaccine

Panacea Biotec surges 6.77% to Rs 402.95 after the company said it received manufacturing license from Drug Controller General (India) for Sputnik V vaccine against Covid-19.

The license is a necessary condition for using Sputnik V produced by Panacea Biotec in India. The batches produced at Panacea Biotec's facilities at Baddi, Himachal Pradesh were earlier shipped to the Gamaleya Center in Russia for quality control. The batches have passed all the checks for quality parameters both at the Gamaleya Center in Russia and at the Central Drug Laboratory, Kasauli, Himachal Pradesh in India.

Sputnik V was registered in India under the emergency use authorization procedure on 12 April 2021 and vaccination against COVID-19 with the Russian vaccine started on 14 May 2021. Sputnik V has been registered in 67 countries globally with total population of over 3.5 billion people. The vaccine 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.

Dr Rajesh Jain, the managing director (MD) of Panacea Biotec, said: "Panacea Biotec is delighted to announce the obtaining of the manufacturing license to produce Sputnik V vaccine in India. At this occasion, we thank the leadership of our Hon'ble Prime Minister Modi ji and Government of India for timely handholding and expediting clearances to enable 'Make in India' vaccines."

Panacea Biotec reported a consolidated net loss of Rs 54.14 crore in Q4 FY21 as against a net loss of Rs 69.70 crore in Q4 FY20. Net sales during the quarter increased by 34.2% year-on-year (Y-o-Y) to Rs 168.27 crore.

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

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