MercoPress. South Atlantic News Agency

Argentine laboratory seeks to manufacture Sputnik V vaccine locally

The company's goal was the construction and operation of the biotechnology plant to locally produce vaccines, including Sputnik V

The Argentine firm Laboratorios Richmond Wednesday launched the Financial Trust “Project V.I.D.A. (Project and Immunization for Argentine Development),” to seek financing for the development of the plant where the Russian-designed Sputnik V vaccine is to be manufactured locally.

Richmond CEO Marcelo Figueiras announced the company's goal was the construction and operation of the biotechnology plant to locally produce vaccines, including Sputnik V. With a face value of up to 70 million dollars and with the participation of the Banco de Valores (BV) as trustee, the development will also allow local production of other types of biotechnological therapies.

“The project of locally producing vaccines to alleviate this type of pandemic and its eventual mutations is, without a doubt, the most efficient, effective and sustainable way, since it strengthens our autonomy of reaction against the virus,” said Figueiras.

BV CEO Juan Ignacio Nápoli said that “being the main trustee in Argentina, we are proud to be part of this project since at a time when discouragement and concern prevail, to be able to contribute to a hope that Argentines can preserve their health in the midst of the pandemic is a privilege ”.

This announcement was made following a memorandum of understanding signed in Moscow in February between Richmond and the Russian Direct Investment Fund (RDIF), to produce the Sputnik V vaccine in the country.

Starting in 2017, Laboratorios Richmond went public and, from that moment, began an expansion plan that continued despite the pandemic, so this year it managed to increase its staff by 10%.

The company, which has subsidiaries in Colombia, Chile and Paraguay and aims to reach Mexico and Brazil shortly.