Wockhardt hit an upper circuit of 10% at Rs 303.40 after the company announced that it has entered into an agreement with the UK Government to fill finish COVID-19 vaccines.
The manufacturing will be undertaken at CP Pharmaceuticals, a subsidiary of Wockhardt based in Wrexham, North Wales.
As per the terms of the agreement the company has reserved manufacturing capacity to allow for the supply of multiple vaccines to the UK Government in its fight against COVID19, including AZD1222, the vaccine co-invented by the University of Oxford and its spinout company, Vaccitech and licensed by AstraZeneca.
The government has reserved one fill and finish production line for its exclusive use for the next 18 months in order to guarantee the supply of vaccines required to fight COVID-19 in the UK.
Dr Habil Khorakiwala, Founder Chairman of Wockhardt, said: "The pandemic of COVID-19 is a challenge for all and needs a concerted effort to overcome. We are proud to be collaborating with the UK Government to make vaccines available and the arrangement brings in a huge sense of purpose and pride, it upholds our ongoing commitment to fight against such a pandemic of global human importance."
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Wockhardt is a global pharmaceutical and biotechnology organization, providing affordable, high-quality medicines.
The company recorded a consolidated net profit of Rs 48.29 crore in Q4 March 2020 as against a net loss of Rs 14.47 crore in Q4 March 2019. Net sales dropped 20.25% to Rs 686.93 crore in Q4 FY20 as compared to Rs 861.34 crore in Q4 FY19.
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