Panacea Biotec share price jumps 10% on shipment of Sputnik V vaccine

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Panacea Biotec share price rose 10 percent intraday on September 7 after company announced the first supplies of 1 million second doses of the Russian Sputnik V coronavirus vaccine.

"The Russian Direct Investment Fund and Panacea Biotec announced supply of the 1st shipment out of 1 million doses of the second component (human adenovirus serotype 5) of the Russian Sputnik V coronavirus vaccine manufactured by Panacea Biotec for sale in India," said the company in its press release.

This is the first batch of the second component produced and supplied by the company in India.

Doses of the second component of Sputnik V have been manufactured at the Panacea Biotec’s state of the art vaccine manufacturing facility in Himachal Pradesh.

The company received necessary clearance from Central Drug Laboratories (CDL), Kasauli on August 31, 2021.

Full-scale production of Spuntik V started at Panacea Biotec’s facilities this
summer, which are compliant with GMP standards and are prequalified by WHO.

The batch will be distributed through Dr Reddy's which holds the distribution rights for the first 250 million doses of the Sputnik V vaccine in India.

“Panacea Biotec is pleased to have successfully produced and dispatched the first batch of Component II (Ad5) of Sputnik V vaccine. More batches are currently under production at our manufacturing facility in Himachal Pradesh,” said Rajesh Jain, Managing Director of Panacea Biotec.

At 12:07 hrs, Panacea Biotec was quoting at Rs 310.75, up Rs 16.15, or 5.48 percent on the BSE.

The share touched a 52-week high of Rs 453.70 and a 52-week low of Rs 171 on 28 May, 2021 and 04 November, 2020, respectively.

Currently, it is trading 31.64 percent below its 52-week high and 81.37 percent above its 52-week low.