Share of Shilpa Medicare rallied over five percent after the company received in-principle approval from the Defence Research & Development Organisation (DRDO) to manufacture and sale of 2-Deoxy-D-Glucose (2DG).
The Drug Controller General of India (DCGI) had granted emergency approval to 2DG for COVID-19 patients in the country.
Shilpa Medicare is only the second company in India to have entered into a similar arrangement with DRDO. 2-DG has been developed by INMAS, a lab of DRDO, in collaboration with Dr Reddy’s Laboratories.“Shilpa has been continuously striving to contribute towards the fight against COVID-19 and this is yet another step by Shilpa after its recently announced arrangement for manufacture and supply of Sputnik V vaccine,” the company said in a regulatory filing.
Shilpa Medicare is working with Dr Reddy’s Laboratories for 10 crore doses of Sputnik V vaccine per year.
Earlier this week, the company’s Managing Director Vishnukant Bhutada told CNBC-TV18 that they have two platforms ready, one with DRL.“Probably by September-October, we should be able to give them the final product. For another platform, we are working with various companies,” Bhutada said.He added that the pricing of the vaccine was confidential.
The shares of Shilpa Medicare have jumped over 68 percent in the last three months, while it is up more than 26 percent YTD.At 11:30 am, the shares of Shilpa Medicare were trading 3.19 percent higher at Rs 568.35 apiece on the BSE.