Gland Pharma rose 6.46% to Rs 2706.10 after the company entered into an agreement to supply upto 252 million doses of RDIF's Sputnik-V COVID-19 vaccine.
"This is the first of multiple partnerships being explored by Gland Pharma to leverage its manufacturing capacity and capabilities to support global supply of COVID-19 vaccine," the company said in a BSE filing made during market hours today.
The company will be leveraging its manufacturing capabilities for the production of Sputnik V COVID-19 vaccine.
Gland Pharma will utilise its Drug Substance and Drug Product facilities at its sites in Hyderabad. The production is expected to commence from third quarter of 2021 for estimated delivery starting from fourth quarter of 2021.
Under the terms of the agreement, Gland Pharma will first undertake technology transfer of the drug substance to its manufacturing facilities. After successful technology transfer, the company will then undertake manufacturing of drug substance and drug product filling into vials under aseptic conditions.
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The company's expertise in manufacturing of sterile injectable at significant scale will support in establishing a stable supply of COVID-19 vaccine.
Hyderabad-based Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. It operates primarily under a business to business (B2B) model and it engaged in development, manufacturing and marketing of complex injectables.
The company's standalone net profit rose 32.45% to Rs 204.11 crore on a 33.05% increase in net sales to Rs 859.42 crore in Q3 FY21 over Q3 FY20.
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