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Panacea Biotec soars on cooperation with RDIF for Sputnik-V vaccine

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Panacea Biotec surged 18.94% to Rs 218.90 after the company announced cooperation with the Russian Direct Investment Fund (RDIF) to produce 100 million doses per year of Sputnik-V vaccine.

Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors.

Production of Sputnik-V at Panacea Biotec sites will help facilitate global supply of Sputnik V to international partners of RDIF.

Sputnik-V, the world's first registered vaccine against the novel coronavirus infection, has been registered in 59 countries globally with total population of over 1.5 billion people. Efficacy of Sputnik-V is 91.6% as confirmed by the data published in the Lancet, one of the world's oldest and most respected medical journals.

The price of Sputnik V is less than $10 per shot, making it affordable around the world. There are no strong allergies caused by Sputnik V. The storage temperature of Sputnik V at +2+8 C means it can be stored in a conventional refrigerator without any need to invest in additional cold-chain infrastructure.

Dr. Rajesh Jain, managing director of Panacea Biotec, said: "We are pleased to collaborate with RDIF to produce Sputnik-V for global markets. Panacea Biotec brings decades of vaccine manufacturing and distribution know-how to scale-up Sputnik-V supplies. Panacea Biotec will produce Sputnik-V in its internationally accredited facilities complying to strict GMP standards and prequalified by WHO."

Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialization of prescription medicines.

The company reported a consolidated net loss of Rs 40.05 crore in Q3 FY21 as compared to a net loss of Rs 21.32 crore in Q3 FY20. Net sales during the quarter declined 15.49% YoY to Rs 141.76 crore.

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

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First Published: Tue, April 06 2021. 09:28 IST