Panacea Biotec shares surged on Tuesday after the company signed a deal with the Russian Direct Investment Fund (RDIF) to produce 100 million doses per year of the Sputnik V Covid-19 vaccine in India.
The stock surged 17.14 per cent to Rs 215.60 along with an 11 times surge in volume.
Production of Sputnik V at Panacea Biotec sites will help facilitate the global supply of Sputnik V to international partners of RDIF, a joint statement said.
"Cooperation with Panacea Biotec is an important step to produce the vaccine in India and to supply our international partners around the world,” said Kirill Dmitriev, CEO, Russian Direct Investment Fund.
Vaccine partnerships are the only way to overcome the pandemic, he added.
"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," said Rajesh Jain, MD, Panacea Biotec.
Panacea Biotec will produce Sputnik V in its internationally accredited facilities complying to strict GMP standards and prequalified by the World Health Organization (WHO), he added.
The efficacy of Sputnik V is 91.6 per cent as confirmed by the data published in the leading medical journal Lancet. It has been registered in 59 countries globally, the statement said.
The price of Sputnik V is less than $10 per shot, it added.
RDIF has already partnered with other Indian pharma firms such as Hetero, Gland Pharma and Stelis Biopharma to produce millions of Sputnik V Vaccine in India.