Shares of Hester Biosciences rallied 14 per cent to Rs 3,099 on the BSE within the intra-day commerce on Friday, surging 22 per cent in two days, after the corporate mentioned it’s a part of a MoU between vaccine maker Bharat Biotech and Gujarat Covid Vaccine Consortium (GCVC) for contract manufacturing the drug substance for Covaxin.
The firm mentioned a memorandum of understanding (MoU) has been signed between Bharat Biotech (BB) International Limited and Gujarat Covid Vaccine Consortium (GCVC) in direction of contract manufacturing for the drug substance for COVAXIN, of which Hester is part.
GCVC includes of Gujarat Biotechnology Research Centre (GBRC), a Government of Gujarat enterprise, Hester Biosciences and Omnibrx Biotechnologies Private Limited.
“”BB shall provide the technology for the production of the drug substance for COVAXIN. GBRC will act as an advisor and mentor and will facilitate the technology transfer from Bharat Biotech. Hester shall provide the complete infrastructure at its Gujarat plant for the manufacturing of the drug substance and Omnibrx shall act as a technology support partner,” Hester Biosciences mentioned in a press release. This total course of is facilitated by Department of Biotechnology, Government of India, it added.
The know-how switch from BB will allow Hester to offer the drug substance from August 2021 to BB for its vaccine manufacturing. The firm has estimated an outlay of Rs 40 crore for this challenge.
At 09:39 am, the inventory was up 10 per cent at Rs 2,998 on the BSE as in comparison with a 0.59 per cent acquire within the S&P BSE Sensex. It hit a 52-week excessive of Rs 3,180 on May 18, 2021. A mixed round 50,000 fairness shares had modified palms on the counter on the NSE and BSE until the time of writing of this report.