Hester Biosciences jumps 19% on Covaxin buzz

NEW DELHI: Shares of Hester Biosciences jumped 19 per cent during the early trade on Monday as the company is in talks to explore production of Covaxin, the homemade Covid-19 vaccine.

The scrip jumped as much as 19 per cent on Monday to Rs 2944. However, the stock was trading at Rs 2848, up by 15 per cent at 9.30 am. The counter was closed at Rs 2470.05 on Friday. BSE Sensex was up by 213.29 points, or 0.44 per cent at 48,945.84.

The pharma maker said it has tied up with the Gujarat government to explore production of COVID-19 vaccine through technology transfer from Bharat Biotech. The Ahmedabad-based firm said it has already initiated the discussions with Bharat Biotech in this regard.

"A triparty consortium has been formed with the Government of Gujarat as the lead partner, to explore the prospects of manufacturing the Covid vaccine through technology from Bharat Biotech," Hester Biosciences CEO and MD Rajiv Gandhi said in a statement.

The discussions are currently ongoing with Bharat Biotech towards reviewing the infrastructure at Hester, the technology adoption process and the regulatory compliances, he added. Based on the outcome of the review, the next course of action will be determined.

Hester Biosciences is a leading player in the animal healthcare segment. It is the second largest poultry vaccine manufacturer in the country.

Only three vaccines have so far been approved to be sold in India -- Covaxin, Covishield and Sputnik V. Sputnik V has been approved to be imported from Russia by Dr Reddy's, but is yet to be widely available in the country.