DFC commits long-term loan of $20 mn to Panacea Biotec to expand operations

US International Development Finance Corporation (DFC) has committed a long-term loan of up to $ 20 million to Panacea Biotec, the company said on Thursday.

Panacea is expanding the manufacturing capacity for drug substance antigens used in its hexavalent vaccine EasySix to meet future demand from UN agencies and public health organisations.

DFC has agreed to provide a long-term loan of up to $ 20 million to the company to help finance this project, the biotechnology firm said in a regulatory filing.

DFC's financing will enable Panacea Biotec to expedite the completion of the ongoing expansion and supply the hexavalent vaccine to UN agencies for childhood immunisation globally, it added.

"Our hexavalent vaccine EasySix, which meets the highest standards of safety and efficacy, will have a meaningful impact on the lives of millions of newborns in the developing world," Panacea Biotec Chairman and MD Rajesh Jain said.

DFC Deputy CEO Nisha Biswal said the organisation's partnership with India is both local and global.

"DFC is working to deliver concrete developmental impact for communities across India, and we are partnering with the Indian private sector to tackle some of the world's most pressing challenges," she added.

Shares of Panacea Biotec on Thursday ended 7.59 per cent up at Rs 303.25 apiece on BSE.