Orion Pharma shares soar on vaccine development talks
Stocks and shares of Orion Pharmaceuticals topped the gainers' list with a 9.83 % rise yesterday following the news broke that the pharma company really wants to manufacture Covid-19 vaccine in the united states.
The local medicine maker has communicated with the Russian Direct Investment Fund (RDIF) and approached them to transfer required technology to produce Covid-19 vaccine at its production plant, according to a posting published on the site of the Dhaka Stock Exchange (DSE).
The stock of Orion Pharma started jumping with the breaking of its vaccine news and at one moment no seller of the share was found at the market as everyone wished to carry it for long for higher profits.
RDIF is Russia's sovereign riches fund established in 2011 to make equity co-investments, mostly in Russia, together with reputable international financial and strategic investors.
Since the start of Covid-19 pandemic, RDIF has played a key function in fighting the virus in Russia.
Orion has already informed the same to the Directorate Standard of Medication Administration on May 2 and medical Offerings Division, Ministry of Health and Family Welfare on May 4, it said.
"This is just an initial proposal as a normal and regular business interaction of the company made to RDIF from their end just like other pharmaceutical businesses of the country."
But the accomplishment will of course depend on the final decision of RDIF and subsequent approval of Bangladesh government, it added.
RDIF supports the production of Russia's Covid-19 vaccine by the Gamaleya Center and is buying mass development of the vaccine by RDIF portfolio companies.
In its sixth alliance with an Indian company, the RDIF said that Panacea Biotec can make 100 million doses of Sputnik V annually.
Some 59 countries possess registered for Sputnik V globally, with a complete population of over 1.5 billion people.
Since that time, it inked production handles Hetero Biopharma, Gland Pharma, Strides and Virchow.
With an efficacy of 91.6 %, the vaccine is based on a verified platform of man adenoviral vectors and uses two different vectors for the two shots in a course of vaccination, providing immunity with an extended duration than vaccines using the same delivery mechanism for both pictures.
Bangladesh started the mass inoculation campaign with the AstraZeneca vaccine it all purchased from Serum.
But the marketing campaign stumbled as Serum didn't fulfil its determination of supplying 50 lakh doses every month for six months in a row.
Bangladesh purchased 3 crore doses of AstraZeneca vaccine from Serum. However the country has so far received simply 70 lakh in two shipments.
Meanwhile, Serum Institute of India has been around talks with Beximco about generating the Oxford-AstraZeneca vaccine found in Bangladesh.
