Wockhardt rises after UK Govt extends COVID vaccine contract

Wockhardt rose 1.96% to Rs 529.70 after the drug company announced that it has been awarded a six-month extension of its agreement with the UK Government to fill-finish COVID-19 vaccines.

This expands the original agreement from 18 to 24 months i.e., until August 2022 and the manufacturing will continue to be undertaken at CP Pharmaceuticals, a subsidiary of Wockhardt based in Wrexham, North Wales.

In the UK, Wockhardt is one of the largest suppliers into the U.K.'s National Health service (NHS) for over 20 years, has had a presence in Wrexham for over two decades and employs over 400 people at its 612,000 square feet high-tech manufacturing facility.

Speaking on the development, Dr. Habil Khorakiwala, founder chairman of Wockhardt Group said, "We are happy to extend our collaboration with the UK Government to make vaccines available and the arrangement brings in a huge sense of purpose and pride, it upholds our ongoing global commitment to fight against an unprecedented pandemic."

Dr. Murtaza Khorakiwala, MD and Global CEO of Wockhardt said, "The extension of the arrangement with the UK Government for manufacturing vaccines for COVID-19 showcases our global strength in world-class sterile injectable facilities and confidence by the UK Government on our expertise and experience."

Wockhardt is a global pharmaceutical and biotechnology organization, providing affordable, high-quality medicines.

On a consolidated basis, the company's net profit jumped 68.7% to Rs 32.40 crore on a 2.1% rise in net sales to Rs 764.02 crore in Q3 FY21 over Q3 FY20.

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