KUALA LUMPUR (Jan 27): Pharmaniaga Bhd’s share price opened up more than 5% today after the company said yesterday its wholly-owned subsidiary Pharmaniaga Lifescience Sdn Bhd (PLS) had entered into a term sheet agreement with the government of Malaysia for the purchase and distribution of the Covid-19 vaccine developed by China-based Sinovac Biotech Ltd’s subsidiary Sinovac Life Sciences Co Ltd.
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On Bursa Malaysia today, Pharmaniaga’s share price opened 25 sen or 5.02% higher at RM5.23.
Yesterday, Pharmaniaga said the agreement is to enable PLS to supply 12 million doses of the vaccine under a fill-and-finished scheme with PLS to hospitals, clinics and any other facilities nationwide as instructed by the Ministry of Health (MoH).
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“The agreement and collaboration contemplated therein will serve as a platform for Pharmaniaga to further strengthen its vaccine business and grow the sector in Malaysia.
“It will also provide Pharmaniaga another income stream, which will contribute to the profitability of the company in the future,” Pharmaniaga said.- The Edge Market