Hester Biosciences to receive Rs 60 crore grant from BIRAC for COVID vaccine manufacturing

Written by Ruchika Sharma Published On 2022-04-09T09:45:18+05:30 | Updated On 9 April 2022 6:30 PM IST

Hester Biosciences to receive Rs 60 crore grant from BIRAC for COVID vaccine manufacturing

New Delhi: Hester Biosciences on Thursday said it will receive a Rs 60-crore grant from Biotechnology Industry Research Assistance Council (BIRAC) to support COVID-19 vaccine manufacturing.

''The company's board has approved execution of grant-in-aid letter agreement for a grant of Rs 60 crore (in phased manner) to the drug maker by BIRAC under Mission COVID Suraksha,'' Hester Biosciences said in a regulatory filing.

Last year, a Memorandum of Understanding was inked between Bharat Biotech and Gujarat COVID Vaccine Consortium (GCVC) for the production of Covaxin.

GCVC comprises Gujarat Biotechnology Research Centre, Hester Biosciences and OmniBRx Biotechnologies.

Biotechnology Industry Research Assistance Council (BIRAC) is a not-for-profit Section 8, Schedule B, Public Sector Enterprise, set up by Department of Biotechnology (DBT), Government of India as an Interface Agency to strengthen and empower the emerging Biotech enterprise to undertake strategic research and innovation, addressing nationally relevant product development needs.

BIRAC is a industry-academia interface and implements its mandate through a wide range of impact initiatives, be it providing access to risk capital through targeted funding, technology transfer, IP management and handholding schemes that help bring innovation excellence to the biotech firms and make them globally competitive. In its Eight years of existence, BIRAC has initiated several schemes, networks and platforms that help to bridge the existing gaps in the industry-academia Innovation research and facilitate novel, high quality affordable products development through cutting edge technologies.

BIRAC has initiated partnerships with several national and global partners to collaborate and deliver the salient features of its mandate.

Read also: Sputnik V Vaccine: Dr Reddys, Dept of Biotechnology partner for clinical trials in India

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Source : PTI

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751