Dr Reddys Laboratories jumped 4.42% to Rs 4639.55 after the drug major said it will co-operate with Russia's sovereign wealth fund on clinical trials and distribution of the Sputnik V vaccine in India.
The Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, and Dr. Reddy's Laboratories (Dr. Reddy's), a global pharmaceutical company headquartered out of India, have agreed to cooperate on clinical trials and distribution of Sputnik V vaccine in India.Upon regulatory approval in India, RDIF shall supply to Dr. Reddy's 100 million doses of the vaccine. The Sputnik V vaccine, which is based on well-studied human adenoviral vector platform with proven safety, is undergoing clinical trials for the coronavirus pandemic.
Deliveries could potentially begin in late 2020 subject to completion of successful trials and registration of the vaccine by regulatory authorities in India.
G V Prasad, co-chairman & managing director of Dr. Reddy's Laboratories said, "We will be conducting Phase-III trials in India to ensure safety and efficacy for the Indian population and to meet the requirements of the Indian regulators."
On 11 August 2020, the Sputnik V vaccine developed by the Gamaleya National Research Institute of Epidemiology and Microbiology was registered by the Ministry of Health of Russia and became the world's first registered vaccine against COVID-19 based on the human adenoviral vectors platform.
On 4 September 2020, a research paper on the results of Phase I and Phase II clinical trials of the Sputnik V vaccine was published in The Lancet, one of the leading international medical journals, demonstrating no serious adverse effects and a stable immune response in 100% of participants.
Post-registration clinical trials of the Sputnik V vaccine involving 40,000 volunteers are currently ongoing. More than 55,000 volunteers have applied to take part in post-registration trials.
The first results of these trials are expected to be published in October-November 2020.
Dr. Reddy's Laboratories is a pharmaceutical company. Through its three businesses - pharmaceutical services and active ingredients, global generics and proprietary products - the company offers a portfolio of products and services, including active pharmaceutical ingredients (API), custom pharmaceutical services (CPI), generics, biosimilars, differentiated formulations and new chemical entities.
The drug major's consolidated net profit skid 12.11% to Rs 594.60 crore on 14.93% jump in revenue from operations to Rs 4,417.50 crore in Q1 June 2020 over Q1 June 2019.
In the past six months, the stock has surged 64.06% while the benchmark S&P BSE Sensex has 25.21% during the same period.
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