Panacea Biotec has terminated the MoU entered with Refana Inc. USA for development, manufacturing and distribution of the Covid-19 vaccine, through a 50:50 Joint Venture Company.
The termination is with effect from 21 August 2020 due to delays in project timelines and difficulty in moving ahead with the joint venture. The Company will not pursue development of Covid19 vaccine project in collaboration with Refana. The Company will not make any investment in the joint venture company proposed under the MOU, which was approved by the shareholders of the Company on 17 July 2020.
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