Pfizer gets stronger on buzz of India granting patent for vaccine

Pfizer rose 2.46% to Rs 1,796.55 at 11:15 IST on BSE after report suggested that India has granted the company a patent for its blockbuster Prevenar 13, a vaccine that helps prevent pneumonia.

Meanwhile, the S&P BSE Sensex was up 150.77 points or 0.48% at 31,442.62. The S&P BSE Mid-Cap index was up 105.26 points or 0.71% at 15,031.15.

On the BSE, 1,714 shares were traded on the counter so far as against the average daily volumes of 2,177 shares in the past one quarter. The stock had hit a high of Rs 1,829.25 and a low of Rs 1,781 so far during the day. The stock had hit a 52-week high of Rs 2,055 on 9 September 2016. The stock had hit a 52-week low of Rs 1,625 on 8 June 2017.

The stock had underperformed the market over the past one month till 22 August 2017, falling 2.4% compared with 2.3% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.59% as against Sensex's 2.36% rise. The scrip had also underperformed the market in past one year, dropping 8.22% as against Sensex's 11.81% rise.

The mid-cap company has equity capital of Rs 45.75 crore. Face value per share is Rs 10.

Indian government has reportedly granted US drug giant Pfizer a patent for its blockbuster Prevenar 13, a vaccine that helps prevent cases of pneumonia, one of the leading causes of deaths of children under five years of age. The approval comes more than a decade after the company applied for the patent in the country, report said.

The stock exchanges have sought clarification from the company about the said news.

Global medical humanitarian organisation Mecins Sans Fronties (MSF) reportedly said it is a major setback to hopes for an affordable vaccine and is likely to legally challenge the patent approval.

Prevenar 13 helps prevent pneumococcal pneumonia and infections caused by 13 strains of streptococcus pneumonia bacteria.

This vaccine and GlaxoSmithKline's Synflorix are the only two pneumococcal conjugate vaccines (PCV) available in the country. In the private market, Prevenar 13 is priced at Rs 3,800 per dose, and Synflorix at Rs 1,800 per dose, report added.

Pfizer's net profit dropped 28.6% to Rs 57.17 crore on 16% decline in net sales to Rs 420.91 crore in Q1 June 2017 over Q1 June 2016.

Pfizer is a leading biopharmaceutical company.

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