Strides' biopharma arm partners RDIF to supply COVID-19 vaccine

Strides Pharma Science said that its biopharmaceutical division has partnered with the Russian Direct Investment Fund (RDIF) to supply 200 million doses of the Sputnik V vaccine.

Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors.

The agreement between RDIF and Stelis Biopharma was reached under the aegis of Enso Healthcare (part of Enso Group), RDIF's coordination partner for sourcing Sputnik V vaccines in India.

Sputnik V, the world's first registered vaccine against the novel coronavirus infection, is now approved for use in over 50 countries. Sputnik V is a two-dose vaccine which uses two different human adenoviral vectors in the course of vaccination.

The vaccine demonstrates a 91.6% efficacy rate as confirmed by a peer reviewed study published in the prestigious medical journal, The Lancet, which found the vaccine to offer consistent and strong protective effect across all participant age groups.

The parties intend to commence supplies from the Q3 of 2021. Stelis will also continue to work with the RDIF to provide additional supply volumes beyond the initial agreement.

Arun Kumar, Founder of Strides Group, said: We are delighted to partner with RDIF to make a substantial contribution towards providing global supply of the Sputnik V vaccine which is one of the most efficacious approved vaccines commercially available. We will also work with RDIF to increase the availability of the vaccine beyond our initial commitments.

Strides Pharma Science is a global pharmaceutical company. It focuses on "difficult to manufacture" products that are sold in over 100 countries. The company has 127 cumulative ANDA filings with USFDA of which 99 ANDAs have been approved and 28 are pending approval.

On a consolidated basis, the pharma company posted a 61.9% fall in net profit to Rs 35.16 crore on a 13.6% rise in net sales to Rs 832 crore in Q3 FY21 over Q3 FY20.

Strides Pharma Science shed 0.58% to Rs 768.80 on Friday.

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