Jul 21 2020, 11:44 PM
Pharmaniaga, Duopharma shares soar amid Covid-19 vaccine hope
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KUALA LUMPUR (July 21): Pharmaceutical companies Pharmaniaga Bhd and Duopharma Biotech Bhd saw their share prices soar in Bursa Malaysia afternoon trades today as hopes of a Covid-19 vaccine buoyed world market sentiment.
At 5pm, Pharmaniaga closed up 73 sen or 26.35% at RM3.50 while Duopharma rose 38 sen or 20% to RM2.28. Pharmaniaga and Duopharma shares pared gains after spiking to their highest today at RM3.60 and RM2.40 respectively. Duopharma’s RM2.40 share price is a record high for the company.
Globally, it was reported that Asian shares hit a five-month high and European equity market futures extended gains as hopes that vaccines against the Covid-19 disease might be ready by the end of year supported riskier assets, following promising early data from trials of three potential vaccines.
It was reported that crude oil prices edged higher on Tuesday on positive news on vaccine trials, but are still within the narrow trading band of the past three weeks amid fears that new lockdowns could derail a recovery in demand.
"An experimental coronavirus vaccine being developed by AstraZeneca and Britain's University of Oxford was safe and produced an immune response in early-stage clinical trials, data showed, keeping alive the hope it could be in use by the end of the year.
"More than 150 possible vaccines are in various stages of development with US drugmaker Pfizer and China's CanSino Biologics also reporting positive responses for their candidates on Monday,” Reuters reported.
Pharmaniaga and Duopharma have been tasked by the Malaysian government to undertake the Covid-19 vaccine packaging process once a vaccine is developed.
Last Tuesday, news reports, quoting Science, Technology and Innovation Minister Khairy Jamaluddin, reported that Pharmaniaga and Duopharma would undertake the fill and finish processes for the Covid-19 vaccine, once it is developed.
It was reported that Khairy said Prime Minister Tan Sri Muhyiddin Yassin had agreed for the facilities of the two companies to be utilised for the purpose, noting that the main challenge for the production of the vaccine was the finishing process.
"We will be purchasing the vaccine overseas, either from China, the US or the UK, in bulk, and we will be doing the bottling process here," Khairy was quoted as saying at a press conference in Parliament on that day.
Today, Pharmaniaga acting managing director Mohamed Iqbal Abdul Rahman said in a statement that many Pharmaniaga shareholders have been keen to find out more about the company's Halal vaccine project, which includes the Covid-19 fill and finish.
"We will be making a separate announcement on this matter once we have firmed up the relevant details," Mohamed Iqbal said.
In managing the impact of the Covid-19 pandemic, Mohamed Iqbal said Pharmaniaga has adapted to the new normal and improved its standard operating procedures to ensure the safety of its human capital as well as the continuity of its business operations.
"While there are undoubtedly challenges ahead for the group, we are confident in our ability to capitalise on viable opportunities in the healthcare sector to achieve sustainable growth over the long term and enhance value for our shareholders," he said.
Pharmaniaga's statement today was issued in conjunction with the company's annual general meeting (AGM) yesterday.
Pharmaniaga said the AGM was the group's first fully virtual AGM.
This post has been edited by Ziet Inv: Jul 21 2020, 11:44 PM
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