Shares of Dr Reddy labs soared by 4.4% to Rs 4,639.60 on the BSE after Russian vaccine developer RDIF inked deal with the firm to sell 100 million doses of Sputnik V in India.
Russian Covid 19 vaccine developer Russian Direct Invesment Fund (RDIF) has roped in India's Dr. Reddy’s lab for clinical trials and supply of 100 million doses of Sputnik V vaccine to India.
"On 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," said a statement from the fund.
The Russian Direct Investment Fund said that the deliveries could potentially begin in late 2020 subject to completion of successful trials and registration of the vaccine by regulatory authorities in India.
"The agreement between RDIF and Dr Reddy's reflects the growing awareness of countries and organisations to have a diversified anti-COVID vaccine portfolio to protect their populations," RDIF added.
Earlier, Reuters had reported that clinical trials of the vaccine in India are expected to follow and will be done jointly with the firm. However, the trials and supply deal will depend on domestic regulatory approval.
The Russian government had reached out to India seeking collaboration for manufacturing its COVID-19 vaccine 'Sputnik V' and conducting its phase 3 clinical trial here, sources said.
According to government sources, the matter was discussed by the national expert group on vaccine administration for COVID-19 in its meeting held on August 22.
Russia has termed Sputnik-V as the first vaccine against coronavirus to be registered in the world. Phase 3 of the trial that involved at least 40,000 people began on August 26 and is yet to be completed.