Hester Biosciences share price jumped 19 percent to hit a 52-week high on Monday after the firm said that it is in discussions with Bharat Biotech for technology transfer to produce COVID-19 vaccine Covaxin. The company has tied up with the Gujarat government to explore the production of the COVID-19 vaccine through technology transfer from Bharat Biotech.
"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 said in a statement.
The stock rose as much as 19.1 percent to its 52-week high of Rs 2,944 per share on the BSE.
It added that the discussions are currently ongoing with Bharat Biotech towards reviewing the infrastructure at Hester, the technology adoption process and the regulatory compliance. Based on the outcome of the review, the next course of action will be determined, the statement added.
Hester Biosciences is a leading player in the animal healthcare segment. It is the second-largest poultry vaccine manufacturer in the country.
(Edited by : Ajay Vaishnav)