You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Aurobindo Pharma gains after tie up with CSIR for Covid vaccines

Capital Market 

Aurobindo Pharma rose 1.14% to Rs 827.35 after the drug maker announced a collaboration with the Council of Scientific and Industrial Research (CSIR) to develop vaccines against Covid-19.

Under the signed agreement between the Council of Scientific and Industrial Research (CSIR)-Centre for Cellular and Molecular Biology (CCMB) and Aurobindo Pharma, Aurobindo will partner with CSIR for development of several novel COVID-19 vaccines.

Three CSIR labs namely CCMB Hyderabad, Institute of Medical Technology (IMTECH), Chandigarh and Indian Institute of Chemical Biology (IICB), Kolkata are developing vaccine candidates using different technology platforms. Aurobindo will undertake clinical development and commercialization of the vaccines.

Commenting on the development, N. Govindarajan, managing director, Aurobindo Pharma,said "This collaboration further strengthens our COVID-19 vaccine development efforts. We are already setting up a large-scale facility in Hyderabad for manufacturing COVID-19 vaccine and other viral vaccines."

Apart from this collaboration, Aurobindo is already developing a vaccine for SARS COV-2 through its wholly-owned US subsidiary Auro Vaccines. The SARS COV-2 vaccine candidate is based on the company's proprietary replication-competent, attenuated, recombinant vesicular stomatitis (VSV, VesiculoVax) vaccine delivery platform. The announcement was made after market hours yesterday, 15 September 2020.

Shares of Aurobindo Pharma have soared 194.27% from its 52-week low of Rs 281.15 hit on 23 March 2020.

The pharma company's consolidated net profit jumped 22.8% to Rs 780.68 crore on 8.9% increase in net sales to Rs 5,835.23 crore in Q1 June 2020 over Q1 June 2019.

Aurobindo Pharma is engaged in producing oral and injectable generic formulations and active pharmaceutical ingredients (APIs).

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 16 2020. 10:22 IST