Shares of Dr Reddy jumped up to 4.4 per cent to Rs 4,639 on the BSE on Wednesday after the firm said it has been roped-in by Russia-based Russian Direct Investment Fund (RDIF) to distribute 100 million Covid-19 vaccine doses in India.
"Russia's sovereign wealth fund said on Wednesday it will supply India's Dr. Reddy's Laboratories with 100 million doses of the Sputnik-V vaccine against COovid-19 once it receives regulatory approval in India," said a report by news agency Reuters.
The Russian Direct Investment Fund (RDIF) added that it had agreed to cooperate on clinical trials and the distribution of the vaccine with the Indian firm, the report added.
"The agreement between RDIF and Dr Reddy’s reflects the growing awareness of countries and organizations to have a diversified anti-Covid vaccine portfolio to protect their populations" the report said quoting a statement from the fund.
"Upon regulatory approval in India, RDIF shall supply to Dr. Reddy's 100 million doses of the vaccine. The Sputnik V vaccine, which is based on wellstudied human adenoviral vector platform with proven safety, is undergoing clinical trials for the coronavirus pandemic. Deliveries could potentially begin in late 2020 subject to completion of successful trials and registration of the vaccine by regulatory authorities in India," Dr Reddy's Labs said in a press release. READ HERE
"The Phase I and II results have shown promise, and we will be conducting Phase-III trials in India to meet the requirements of the Indian regulators. Sputnik V vaccine could provide a credible option in our fight against COVID 19 in India," said G V Prasad, CEO Dr Reddy's in a statement.
At 2:59 pm, the stock was trading 3.9 per cent higher at Rs 4,618.75 per share as against 0.77 per cent rise in the S&P BSE Sensex.
India on Tuesday crossed the grim 5-million mark by recording 90,123 cases in the last 24-hours. With this, India is rapidly nearing the US tally of 6.7 million. The death toll has risen by 1,283 to 82,091.