India's Hester Biosciences jumps on COVID-19 vaccine agreement

Hester Biosciences

28/05/2021 07:46

** Animal healthcare co's shares  HEST.NS  jump as much as
14% to 3,099 rupees
    ** Hester Biosciences has signed an MoU to provide
infrastructure at its Gujarat plant for making the drug
substance for Bharat Biotech's COVID-19 vaccine Covaxin
 urn:newsml:reuters.com:*:nBSE9LmjhY
    ** Co expects to make drug substance available from August
under a consortium formed with the Gujarat govt and then supply
it back to Bharat Biotech
    ** HEST estimates spending 400 mln rupees ($5.52 million)
for the production
    ** Co also does not anticipate any disturbance to its
on-going business activities in FY2022 due to the Covaxin
project
    ** HEST had hit a record high on May 18 after its COVID-19
vaccine production plans 
    ** Including session's gains, stock is up over 81% YTD


($1 = 72.4500 Indian rupees)

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))