Dr Reddy's Labs Commences Clinical Trials Of Sputnik V Vaccine; Stock Gains 1%
Dr Reddy's Labs has commenced clinical trials of Sputnik V vaccine in India in collaboration with Russian Direct Investment Fund (RDIF). In September 2020, Dr. Reddy's and RDIF had entered into a partnership to conduct clinical trials of the Sputnik V vaccine and the rights for distribution of the first 100 million doses in India.
"Dr Reddy's Laboratories and Russian Direct Investment Fund (RDIF) announced today that they have commenced adaptive phase 2/3 clinical trials for Sputnik V vaccine in India after receiving the necessary clearance from the Central Drugs Laboratory, Kasauli, India," Dr Reddy's Lab said in a regulatory filing to the sock exchanges on December 1.
Russia has named its Covid-19 vaccine as Sputnik V after the world's first satellite, i.e. Sputnik, which was launched by the then USSR in the 1950s, at the height of the space race between the United States and Soviet Union.
G V Prasad, Co-chairman and Managing Director, Dr. Reddy's Laboratories said, "This is another significant step as we continue to collaborate with multiple entities along with the government bodies to fast-track the process for launching the vaccine in India. We are working towards making the vaccine available with a combination of import and indigenous production model."
The Sputnik V vaccine developed by the Gamaleya National Research Institute of Epidemiology and Microbiology was registered by the Ministry of Health of Russia on August 11, 2020.
The shares of Dr Reddy's Labs gained more than 1 per cent on the BSE in early trading to touch an intra-day high of Rs 4,889.65, up 1.28 per cent. At 11:00 am, the shares were trading off their intra-day highs at Rs 4,841.90, up Rs 14 or 0.30 per cent, on the BSE.
The BSE Sensex was trading at 44,525.17, lower by 128.63 points or 0.29 per cent and the NSE Nifty was at 13,090.30, down 18.50 points or 0.15 per cent at the time.
