Orion Pharma Limited, a leading pharmaceutical company in Bangladesh, wants to manufacture the Russian Sputnik V vaccine for Covid-19.
According to disclosures to the Dhaka Stock Exchange, the drugmaker has communicated with the Russian Direct Investment Fund (RDIF) seeking transfer of technology for manufacturing the vaccine in Bangladesh.
The RDIF is a sovereign wealth fund responsible for marketing and promoting the Sputnik V vaccine.
Following the disclosure, Orion Pharma stocks rose by 9.83% to close at Tk51.4 each, the biggest jump since 19 August, 2020, after two days of losses.
The drug manufacturer's gains on Wednesday are more than 10 times the benchmark index of DSE.
Meanwhile, the company urged investors not to make any decisions based on rumours stemming from their "preliminary proposal."
"It is just a preliminary proposal, a normal and regular business communication of the company made to the RDIF, as other pharmaceutical companies did from Bangladesh," Orion Pharma said in a letter to the Dhaka Stock Exchange on Wednesday.
"Further moves will depend on the final decision of RDIF and subsequent approval of the Bangladesh government," the company said, adding that it would communicate any final decision in this regard as price-sensitive information.
Orion Pharma also communicated the preliminary updates with the Directorate General of Drug Administration (DGDA) on 2 May, and the Health Services Division on 4 May, for their support to begin production of the much-needed vaccine at its newly established facility that complies with the necessary standards.
Leading Bangladeshi pharmaceutical companies are in their best efforts nowadays to market, and if possible manufacture, Covid-19 vaccines locally. Densely populated Bangladesh needs millions of doses to offer its people a shield against the pandemic.
Beximco Pharmaceuticals has imported 70 lakh doses of the Oxford-AstraZeneca vaccine from the Serum Institute of India and sold it to the government on a $1 margin for each dose.
Renata, another leading pharmaceuticals company of the country, has applied to the government for importing Covid-19 vaccines from Moderna and Johnson & Johnson.
Incepta Pharmaceuticals, the country's top vaccine manufacturer, is also trying to get approval for producing Covid-19 vaccines locally.