Russia's largest bank investing in COVID-19 vaccine development

Sberbank, Russia’s largest state-owned bank, is expanding into the domestic pharmaceutical market, with the establishment of a new company that will focus on the production of drugs, active ingredients, as well as a vaccine against COVID-19, according to recent statements by representatives of the bank and some Russian media, reports The Pharma Letter’s local correspondent.

The newly-established company is named Immunotechnology and at the initial stage will focus on the development of a vaccine against COVID-19. It is planned this work will be carried out in cooperation with the Russian Gamalei National Research Center for Epidemiology and Microbiology, one of Russia’s leading research institutions in the field of epidemiology and microbiology, while other details of the project are not disclosed. Dmitry Efimov, the former general director of Nizhpharma and senior vice president of Stada CIS, has been appointed chief executive of Immunotechnology.

Total investment in the implementation of these plans is estimated at 3 billion roubles ($50 million).