Shares of Dr Reddy’s Rally over 4% as Sputnik V Receives Approval for Emergency Use in India

The share price of Dr Reddy’s Laboratories rallied over 4 per cent on Monday after an expert panel of India’s central drug authority recommended granting approval to Russian COVID-19 vaccine Sputnik V for emergency use in the country with certain conditions. Earlier in the day, the Subject Expert Committee (SEC) of the Central Drugs Standard Control Organization (CDSCO) took up the application of the Hyderabad-based pharma giant seeking emergency use authorisation for Sputnik V.

The DCGI is yet to decide on the SEC recommendation. In September last year, Dr Reddy’s had partnered with the Russian Direct Investment Fund (RDIF) to conduct clinical trials of Sputnik V and for its distribution rights in India.

The stock price of Dr Reddy’s Laobratories surged as much as 7.57 percent to an intraday high of Rs 5,119.90 apiece on the Bombay Stock Exchange. At the close of trade, the shares quoted Rs 4,989.20, up 4.83 percent.

Meanwhile, the Sputnik V vaccine will be subject to India’s price controls for domestic sales, according to a report in CNBC-TV18. It said manufacturers will be able to determine its price for exports.

Sputnik V has demonstrated an efficacy rate of 91.6 per cent in the interim analysis of phase 3 clinical trial, which included data on 19,866 volunteers in Russia.