Panacea Biotec surges 20% on pact with US firm Refana for Covid-19 vaccine

Shares of Panacea Biotec were frozen in 20 per cent upper circuit at Rs 203 on the BSE on Wednesday after the company said it has inked a pact with US firm Refana for Covid-19 vaccine. The collaboration will enable global development, manufacturing and distribution of the Covid-19 vaccine.

The stock is trading close to its 52-week high level of Rs 210.60, touched on April 28, 2020. Till 10:44 am; a combined around 860,000 shares changed hands and there were pending buy orders for 210,000 shares on the NSE and BSE.

“Under the collaboration, Panacea Biotec is advancing its response to address the unprecedented challenges of COVID-19 by collaborating with Refana Inc. USA to make Covid-19 vaccine widely accessible around the world in an equitable manner through a joint venture company to be based in Ireland,” Panacea Biotec said in a press release.

The collaboration aims to bring to patients a whole inactivated virus-based vaccine for Covid19. Under the collaboration, Panacea Biotec will be responsible for product development and commercial manufacturing, with the Joint Venture Company 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 said.

The company's management said that after the collaboration with Refana, Panacea Biotec 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.