Wockhardt shares freeze at 10% upper circuit on COVID-19 vaccine collaboration

By: |
August 4, 2020 2:55 PM

Wockhardt in a BSE filing said that the manufacturing will be undertaken at CP Pharmaceuticals, a subsidiary of Wockhardt based in Wrexham, North Wales

Wockhardt, wockhardt share priceThe stock has zoomed over 126 per cent from March lows of Rs 147.20 apiece

Wockhardt share price rallied 10 per cent to hit the upper circuit at Rs 333.70 apiece after pharmaceuticals company announced that it has entered into an agreement with the UK Government to fill-finish COVID-19 vaccines. The stock has zoomed over 126 per cent from March lows of Rs 147.20 apiece. The company in a BSE filing said that the manufacturing will be undertaken at CP Pharmaceuticals, a subsidiary of Wockhardt based in Wrexham, North Wales. “As per the terms of the agreement the company has reserved manufacturing capacity to allow for the supply of multiple vaccines to the UK Government in its fight against COVID19, including AZD1222, the vaccine co-invented by the University of Oxford and its spinout company, Vaccitech and licensed by AstraZeneca,” it said.

Wockhardt stock opened at Rs 308 apiece today and quoted day’s high of Rs 333.70 per share, with a market capitalisation of Rs 3,695.23 crore. The company’s 21st annual general meeting (AGM) was held yesterday through video conferencing or other audiovisual means (OAVM). The company informed that Wockhardt is the only company in the world to hold QIDP status for six novel antibiotics, and have built up a strong Intellectual Property base with 3,165 cumulative patents led and 722 cumulative patents granted as on 31 March 2020.

The company informed that the government has reserved one fill and finish production line for its exclusive use for the next 18 months in order to guarantee the supply of vaccines required to fight COVID-19 in the UK. “The pandemic of COVID-19 is a challenge for all and needs a concerted effort to overcome. We are proud to be collaborating with the UK Government to make vaccines available and the arrangement brings in a huge sense of purpose and pride, it upholds our ongoing commitment to fight against such a pandemic of global human importance,” said Habil Khorakiwala, Founder Chairman.

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