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MarketScreener Homepage  >  Equities  >  MUMBAI STOCK EXCHANGE  >  Dr. Reddy's Laboratories Limited    500124   INE089A01023

DR. REDDY'S LABORATORIES LIMITED

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Pharma firm in India to make Russia's Sputnik V COVID-19 vaccine

11/27/2020 | 02:58am EST
FILE PHOTO: Bottles with Russia's

MOSCOW (Reuters) - Indian pharmaceutical company Hetero will manufacture over 100 million doses of the Russian Sputnik V COVID-19 vaccine per year under the terms of a deal unveiled on Friday between it and Russia's RDIF sovereign wealth fund.

The move, which RDIF cast as another step in its efforts to scale up international manufacturing of its flagship vaccine, will see Hetero begin production in India at the start of next year, according to a joint statement on the Sputnik V Twitter account.

The statement said Phase II-III clinical trials were still under way in India, which with a population of over 1.3 billion is the second most populated country in the world after China.

Although Russian authorities gave Sputnik V their regulatory approval under an accelerated procedure in August, trials in Russia, designed to assess its safety and efficacy, are also ongoing.

"While we look forward to the clinical trial results in India, we believe that manufacturing the product locally is crucial to enable swift access to patients," said B. Murali Krishna Reddy, Hetero's director of international marketing.

He said the deal chimed with an objective being promoted by the Indian prime minister of making things in India.

India's tally of COVID-19 infections stands at 9.27 million, the second-highest in the world after the United States, with more than 135,000 deaths in the south Asian nation.

Its economy, like others, has been hard hit by the virus.

Another Indian drugmaker, Dr Reddy's Laboratories Ltd, is conducting clinical trials of Sputnik V in India, and has said it expects late-stage trials to be completed by March 2021.

RDIF has spoken of Dr Reddy's being involved with distribution once Sputnik V gets regulatory approval in India.

Kirill Dmitriev, RDIF head, said earlier this week that Moscow and its foreign partners had the capacity to make more than a billion doses of Sputnik V starting from next year -- enough to vaccinate over 500 million people -- and that it would cost under $20 per person on international markets.

Friday's joint statement said Sputnik V Phase III clinical trials were also under way in Belarus, the UAE, Venezuela and other countries.

RDIF and the Gamaleya National Center said on Tuesday that interim clinical trial data had shown that Sputnik V was 91.4% effective on day 28 and over 95% effective on day 42.

(Reporting by Polina Nikolskaya, Maria Kiselyova and Alexander Marrow; Editing by Andrew Osborn)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DR. REDDY'S LABORATORIES LIMITED 0.96% 5082.1 End-of-day quote.-2.34%
EURO / DIRHAM (EUR/AED) -0.39% 4.4492 Delayed Quote.-0.58%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.80% 75.5073 Delayed Quote.1.94%
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Financials
Sales 2021 193 B 2 637 M 2 637 M
Net income 2021 27 765 M 380 M 380 M
Net cash 2021 10 221 M 140 M 140 M
P/E ratio 2021 29,4x
Yield 2021 0,52%
Capitalization 814 B 11 170 M 11 155 M
EV / Sales 2021 4,18x
EV / Sales 2022 3,60x
Nbr of Employees 21 650
Free-Float 67,1%
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Number of Analysts 33
Average target price 5 678,84 INR
Last Close Price 4 908,85 INR
Spread / Highest target 30,4%
Spread / Average Target 15,7%
Spread / Lowest Target -18,5%
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Managers and Directors
NameTitle
Erez Israeli Chief Executive & Operating Officer
Satish Kallam Reddy Co-Chairman
Gunupati Venkateswara Prasad Co-Chairman & Managing Director
Parag Agarwal Chief Financial Officer
Kalpana Jaisingh Morparia Independent Non-Executive Director
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