Gland Pharma shares rose as much as 4.84 per cent.
Shares of newly listed drug maker – Gland Pharma – rose as much as 4.84 per cent to hit an intraday high of Rs 2,665 on the BSE after the company informed exchanges that it has entered into an agreement to produce and supply 252 million doses of Russian Direct Investment Fund’s (RDIF) Sputnik V COVID-19 vaccine.
“Gland Pharma will be leveraging its manufacturing capabilities for the production of Sputnik V COVID-19 vaccine. The agreement will see Gland Pharma utilising 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,” Gland Pharma said in a stock exchange filing.
“Gland Pharma will first undertake technology transfer of the drug substance to its manufacturing facilities. After successful technology transfer, Gland Pharma will then undertake manufacturing of drug substance and drug product filling into vials under aseptic conditions. Gland Pharma’s expertise in manufacturing of sterile injectable at significant scale will support in establishing a stable supply of COVID-19 vaccine,” Gland Pharma added.
Sputnik V vaccine developed by the Gamaleya National Research Institute of Epidemiology and Microbiology was registered by the Ministry of Health of Russia and became the World’s first registered vaccine against COVID-19 based on the human adenoviral vector platform.
As of 2:58 pm, Gland Pharma shares traded 4.37 per cent higher at Rs 2,653, outperforming the Sensex which was trading on a flat note.