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Shares price of Panacea Biotec jumped to hit the upper circuit on Wednesday at Rs 2020.80 after the company announced that it is setting up a JV in Ireland with US-based Refana Inc to develop a vaccine for COVID-19.
“Panacea Biotec Ltd is delighted to announce the landmark collaboration with Refana Inc. USA for Covid-19 vaccine which will enable global development, manufacturing and distribution of the Covid-19 vaccine,” the company said in a statement.
Following the announcement, shares of Panacea Biotec advanced 20 per cent to Rs 202.80. Similarly, the scrip jumped 20 per cent to Rs 203.70, its highest trading permissible limit, for the day on the NSE.
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The company is advancing its response to address the unprecedented challenges of COVID-19 by collaborating with Refana Inc to make a vaccine widely accessible around the world in an equitable manner through a joint venture (JV) company to be based in Ireland, Panacea Biotec said in a regulatory filing.
The collaboration aims to bring to patients a whole inactivated virus-based vaccine for COVID-19, it added.
As per the partnership, Panacea Biotec will be responsible for product development and commercial manufacturing, while the JV entity undertaking clinical development and regulatory submissions across the world.
Both Panacea and Refana will undertake sales and distribution of the vaccine in their respective territories, it added.
The company in partnership with Refana aims to manufacture over 500 million doses of COVID-19 candidate vaccine, with over 40 million doses expected to be available for delivery early next year, said Panacea Biotec Managing Director Rajesh Jain had said earlier.
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