Shares of the Raichur-based drug maker Shilpa Medicare rallied for second straight session on Tuesday after it tied up with Dr Reddy’s Labs to make Sputnik V Vaccine. Shilpa Medicare shares rose as a lot as 13 per cent to hit an intraday excessive of Rs 574.90. In the final two buying and selling classes, Shilpa Medicare shares have rallied 26 per cent massively outperforming the Sensex.
“Shilpa Medicare’s wholly owned subsidiary Shilpa Biologicals Private Limited (SBPL), has entered into a 3 year Definitive Agreement with Dr. Reddy’s Laboratories Limited (DRL) for production-supply of the Sputnik V vaccine from its integrated biologics R&D cum manufacturing center at Dharwad, Karnataka,” the corporate stated in a inventory change submitting.
“DRL has partnered with HVIRDIF for clinical development of the vaccine and has distribution rights in geographies including India. DRL will facilitate the transfer of the sputnik technology to SBPL. Under the agreement, SBPL will be responsible for manufacture of the vaccine, while DRL is responsible for distribution/marketing of the vaccine in its marketing territories,” Shilpa Medicare stated.
The corporations are additionally exploring the choice to fabricate Sputnik Light, a single dose model of the vaccine within the close to future. The firm views Biologics as a strategic development space and has made vital investments in organising a High finish, Flexible Biologics facility in Dharwad to cater to the necessities of the quick rising biologics subject, that embrace the adenoviral, subunit & DNA vaccines, Monoclonal antibodies & fusion proteins.
As of 12:23 pm, Shilpa Medicare shares traded 5.83 per cent larger at Rs 539.25, outperforming the Sensex which was up 1.three per cent.