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    AZN   GB0009895292

ASTRAZENECA PLC

(AZN)
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India's Gland Pharma to make up to 252 million Sputnik V vaccine doses

03/16/2021 | 06:05am EDT
FILE PHOTO: A Palestinian health worker displays a vial of Russia's Sputnik V vaccine as he prepares to vaccinate Matthias Schmale, UNRWA's Gaza director, against the coronavirus disease (COVID-19), in Gaza City

BENGALURU (Reuters) - Gland Pharma Ltd said on Tuesday it had struck a deal with the Russian Direct Investment Fund (RDIF) to make up to 252 million doses of the Sputnik V COVID-19 vaccine, bringing India's total production of the shot to at least 352 million.

Shares of Gland Pharma, which is backed by China-based Shanghai Fosun Pharmaceutical Group Co Ltd, surged as much as 9.5% to hit a record high of 2,783.85 rupees.

India's Hetero already has a deal in place to produce over 100 million doses of the vaccine, which has proven to be 91.6% effective against COVID-19.

Sputnik V, developed by Moscow's Gamaleya Institute, has been approved in 22 countries, with the RDIF signing supply deals with over 13 countries.

Indian drugmaker Dr.Reddy's Laboratories Ltd has also been holding small clinical studies of Sputnik V domestically. It had sought emergency use approval for the vaccine last month, but India's drug regulator had asked for more data.

Production is expected to begin in the third quarter at its facilities in Hyderabad, with deliveries estimated in the final quarter of the year, Gland Pharma said in a statement. It did not specify which countries it would supply the doses to.

Gland Pharma also said it would explore more deals for the vaccine.

India, the world's biggest vaccine maker, has so far given emergency use approval to AstraZeneca Plc's shot and a homegrown vaccine made by Bharat Biotech. It has donated or sold vaccines to more than three dozen countries, while significantly ramping up its own inoculation program this month.

European Union (EU) governments are considering launching talks with Sputnik V developers as the EU tries to get its vaccination program back on track, EU diplomatic and official sources have told Reuters.

(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Devika Syamnath and Anil D'Silva)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC -0.11% 8268 Delayed Quote.12.89%
DR. REDDY'S LABORATORIES LIMITED 0.89% 4712.7 End-of-day quote.-9.44%
GLAND PHARMA LIMITED -1.28% 3948.45 End-of-day quote.68.72%
SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD. 9.54% 81.88 End-of-day quote.51.66%
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Financials (USD)
Sales 2021 34 636 M - -
Net income 2021 5 207 M - -
Net Debt 2021 26 467 M - -
P/E ratio 2021 30,4x
Yield 2021 2,45%
Capitalization 178 B 178 B -
EV / Sales 2021 5,90x
EV / Sales 2022 4,74x
Nbr of Employees 76 100
Free-Float 96,4%
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Mean consensus OUTPERFORM
Number of Analysts 29
Last Close Price 114,91 $
Average target price 133,75 $
Spread / Average Target 16,4%
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Managers and Directors
Pascal Soriot Chief Executive Officer & Executive Director
Marc Pierre Jean Dunoyer Chief Financial Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Menelas N. Pangalos EVP-Biopharmaceuticals Research & Development
Pam P. Cheng Executive VP-Operations & Information Technology
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