Panacea Biotec rose 5.90% to Rs 272.05 at 11:14 IST on BSE after the company said it signed two long term agreements with Serum Institute of India and its subsidiary.
The announcement was made during trading hours today, 18 January 2018.Meanwhile, the S&P BSE Sensex was up 400.11 points, or 1.14% to 35,481.93.
On the BSE, 93,000 shares were traded in the counter so far, compared with average daily volumes of 30,000 shares in the past two weeks. The stock had hit a high of Rs 279 and a low of Rs 260 so far during the day. The stock hit a 52-week high of Rs 302.40 on 29 November 2017. The stock hit a 52-week low of Rs 129 on 15 February 2017.
Panacea Biotec (PBL) signed two long term agreements with Serum Institute of India (SII) and SII's wholly-owned subsidiary, Bilthovan Biologicals B.V. (BBIO). Under the collaboration, SII is entitled to manufacture and sell fully liquid Whole cell Pertussis (wP) and Salk based Injectable Polio Vaccine (IPV) based Hexavalent vaccine (DTwP-HepB-Hib-lPV) developed and commercialized by Panacea Biotec, a first of its kind in this category.
Under the collaboration, SII will ensure supply of IPV bulk to Panacea Biotec, an important constituent of the Hexavalent vaccine, from its wholly owned subsidiary BBIO, a bioengineering and pharmaceutical company, registered in The Netherlands having technology and expertise for making the IPV, earlier possessed by only 3 other vaccine manufacturers in the World.
In next 2 years both Sll and PBL will work together to get this wP-lPV based Hexavalent vaccine introduced in the National Immunization Program of Government of India and developing countries by working closely with key stakeholders including but not limited to National Governments, World Health Organization (WHO), Global Alliance for Vaccines & Immunization (GAVI), Bill and Melinda Gates Foundation (BMGF) and other United Nation Agencies, etc.
Panacea Biotec reported net loss of Rs 5.63 crore in Q2 September 2017 as against net loss of Rs 4.95 crore in Q2 September 2016. Net sales rose 11.24% to Rs 152.57 crore in Q2 September 2017 over Q2 September 2016.
Panacea Biotec is a leading research based biotechnology company with established research, manufacturing and marketing capabilities. It is one of the largest vaccine producers and Biotechnology companies in India.
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