Panacea Biotec up on Indonesian deal

DALAL STREET SPIKES

Investors warmed up to Panacea Biotec's agreement with PT Bio Farma, Indonesia, and the stock jumped 3.51 per cent on Tuesday. The counter touched an intra-day high of Rs 317 and ended the session at Rs 315.45. Close to 12,000 shares were traded at the BSE.

The company announced that it has signed an agreement with PT Bio Farma to manufacture and market measles vaccine. It was revealed that the vaccine would be supplied to UNICEF, Africa, Latin America, Asia, the CIS and the West

Asia as part of the current WHO and UNICEF Global Measles Reduction Strategy. Panacea will procure the bulk vaccine from the Indonesian company and formulate it into a finished product. This is expected to be commercially ready by end 2007.