Hester Biosciences zooms 33% in 2 days as firm in talks to produce Covaxin

The company said it has tied up with the Gujarat government to explore the production of Covid-19 vaccine through technology transfer from Bharat Biotech

Shares of Hester Biosciences rallied 19 per cent to Rs 2,944 on the BSE in intra-day trade on Monday, up 33 per cent in the past two trading days, after the pharmaceutical company said it has tied up with the Gujarat government to explore the production of Covid-19 vaccine through technology transfer from Bharat Biotech. 

The Ahmedabad-based firm said it has already initiated discussions with Bharat Biotech in this regard. The stock was trading at its all-time high level on the BSE.

“A triparty consortium has been formed with the government of Gujarat as the lead partner, to explore the prospects of manufacturing the Covid vaccine through technology from Bharat Biotech,” Hester Biosciences said in an exchange filing on Saturday.

The company made a clarification/rejoinder with reference to the news on Hester tying up with Gujarat Biotechnology Research Centre, Department of Science & Technology, Government of Gujarat and with Omnibrx towards manufacturing Covid vaccine.

The company further said the discussions are currently ongoing with Bharat Biotech towards reviewing the infrastructure at Hester, the technology adaption process and the regulatory compliances. Based on the outcome of the review, the next course of action will be determined.

Hester Biosciences is one of India’s leading animal healthcare companies and the second-largest poultry vaccine manufacturer in the country.

At 09:43 am, the stock was trading 15 per cent higher at Rs 2,844 on the BSE as compared to a 0.67 per cent rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 166,000 equity shares having changed hands on the NSE and BSE so far.