The stock price has increased by 100.58% in last one year, while the benchmark index S&P BSE Sensex has increased by 46.80%.
The stock surged after the company announced that it has received a manufacturing license to produce Sputnik V vaccine at its Baddi (Himachal Pradesh) plant.
On Sunday, July 4, 2021, Panacea Biotec issued a press release in which the company announced the receipt of manufacturing license from Drugs Controller General (India) for Sputnik V vaccine against Covid-19 pursuant to its collaboration with Russian Direct Investment Fund (Russia’s sovereign wealth fund). The license is a necessary condition for using Sputnik V produced by Panacea Biotec in India.
Sputnik V has been registered in 67 countries with a combined population of more than 3.5 billion people.
The company reported a consolidated net loss of Rs 54.14 crore for the quarter ended March 31, 2021 on June 2, 2021. Panacea Biotec reported a net loss of Rs 69.70 crore in the previous fiscal year’s corresponding period, according to a BSE filing. For the quarter under consideration, the company’s consolidated total income was Rs 173.17 crore. It was Rs 143.34 crore in the same period the previous year, it added.
According to the filing, the company’s board of directors had approved raising of funds through one or more permissible mechanisms as may be deemed appropriate by the board, for an amount up to and not exceeding Rs 1,200 crore or it is equivalent in any other currency(ies), in one or more tranches.
Panacea Biotec is a biopharmaceutical company that focuses on the discovery, development, and commercialization of prescription medicines, primarily in the areas of Vaccines, Diabetes, Transplant, Gastroenterology, and Oncology. In 2017, Panacea Biotec introduced EasySix, the world’s first fully-liquid Hexavalent vaccine (DTwP-Hib-HepB-IPV). Among other differentiated drug development programmes, the company is working on a Dengue Vaccine and a Pneumococcal Conjugate Vaccine. Panacea Biotec remains committed to bridging cutting-edge science and technology with an unwavering commitment to unmet medical needs while maintaining affordability.
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