Panacea Biotech shares hit the upper circuit of 5 per cent at Rs 406.10 on the BSE after the Panacea Biotech and the Russian Direct Investment Fund (RDIF) announced the launch of production of the Russian Sputnik V vaccine against coronavirus.
"The first batch produced at the company's facilities at Baddi will be shipped to the Gamaleya Center for quality control. Full-scale production of the vaccine is due to start this summer, Company's facilities comply with Good Manufacturing Practice (GMP) standards and are prequalified by World Health Organization (WHO)," Panacea Biotech said in a regulatory filing to the stock exchanges.
Sputnik V was registered in India under the emergency use authorization procedure on April 12, 2021 and vaccination against coronavirus with the Russian vaccine started on May 14.
RDIF and Panacea will producing 100 million doses of Sputnik V per year.
The Sputnik V vaccine is based on human adenoviral vectors platform and uses two different vectors for the two shots in a course of vaccination, providing immunity with a longer duration than vaccines using the same delivery mechanism for both shots, the company said.
The BSE Sensex and NSE Nifty were trading higher by 0.3 per cent at the time.
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