Panacea Biotec shares zoom 20 per cent on tie-up with US-based Refana for Covid-19 vaccine

PTI New Delhi | Updated on June 10, 2020 Published on June 10, 2020

Shares of Panacea Biotec on Wednesday zoomed 20 per cent after the company said it is setting up a joint venture in Ireland with US-based Refana Inc to develop a vaccine for Covid-19.

Following the announcement, shares of Panacea Biotec advanced 20 per cent to Rs 202.80 -- its upper circuit limit -- on the BSE.

The scrip jumped 20 per cent to Rs 203.70 -- its highest trading permissible limit -- for the day on the NSE.

The company is advancing its response to address the unprecedented challenges of Covid-19 by collaborating with Refana Inc to make a vaccine accessible globally 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.

Under the partnership, Panacea Biotec will be responsible for product development and commercial manufacturing, while the JV entity undertaking will handle clinical development and regulatory submissions across the world.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on June 10, 2020
This article is closed for comments.
Please Email the Editor