Russian fund to supply Dr Reddy's with 10cr doses of Covid vaccine

Russia's sovereign wealth fund RDIF will supply 100 million (10 crore) doses of Sputnik V Covid-19 vaccine to drug maker Dr Reddy's Laboratories upon getting regulatory approval in India, a statement said on Wednesday.

The Russian Direct Investment Fund (RDIF) and Dr Reddy's Laboratories have agreed to cooperate on clinical trials and distribution of Sputnik V vaccine in India, RDIF and Dr Reddy's said in a joint statement.

On August 11, the Sputnik V vaccine developed by the Gamaleya National Research Institute of Epidemiology and Microbiology was registered by the ministry of health of Russia and became the world's first registered vaccine against Covid-19 based on the human adenoviral vectors platform.

Deliveries could potentially begin in late 2020 subject to completion of successful trials and registration of the vaccine by regulatory authorities in India, the statement added.

The statement, however, did not provide any financial details of the agreement between the partners.

The Sputnik V vaccine is undergoing clinical trials for the coronavirus pandemic, it said. 

"We are very pleased to partner with Dr Reddy's in India... India is amongst most severely impacted countries from Covid-19 and we believe our human adenovirus dual vector platform will provide a safe and scientifically validated option to India in the battle against Covid-19," RDIF CEO Kirill Dmitriev said.

Dr Reddy's Laboratories co-chairman & MD G V Prasad said that the company is pleased to partner with RDIF to bring the vaccine to India. The Phase I and II clinical trials have shown promising results.

"We will be conducting Phase-III trials in India to ensure safety and efficacy for the Indian population and to meet the requirements of the Indian regulators. Sputnik V vaccine could provide a credible option in our fight against COVID 19 in India," he added.

On September 4, a research paper on the results of Phase I and Phase II clinical trials of the Sputnik V vaccine was published in The Lancet, demonstrating no serious adverse effects and a stable immune response in 100 per cent of participants, the statement said. 

Post-registration, clinical trials of the Sputnik V vaccine involving 40,000 volunteers are currently ongoing and the first results of these trials are expected to be published in October-November 2020, the statement said.

Shares of Dr Reddy's Laboratories ended at Rs 4,631.55 on BSE, up 4.24 per cent from the previous close.