Panacea Biotec share price hits 20 per cent upper circuit at Rs 202.80 apiece on BSE after the biotechnology company announced a collaboration with US-based Refana for coronavirus vaccine on Tuesday. The stock is just 3.7 per cent away from its 52-week high level of Rs 210.60 hit in April this year. “Panacea Biotec Ltd is delighted to announce the landmark collaboration with Refana Inc. USA for Covid-19 vaccine which will enable global development, manufacturing and distribution of the Covid-19 vaccine,” the company said in a press release. With today’s rally in the stock, the market capitalisation of Panacea Biotec stands at Rs 1,242.17 crore, according to BSE.
Panacea Biotec shares had hit a 52-week low of Rs 90 in March this year. The company informed that 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,” Panacea Biotec said in a release.
The collaboration aims to manufacture over 500 million doses of the Covid-19 candidate vaccine, with over 40 million doses expected to be available for delivery early next year. “This vaccine has the potential to become the Vaccine of Choice for the global fight against Covid-19. We believe and hope that our vaccine will enable the world to get back to work fearlessly as soon as possible,” said Rajesh Jain, Managing Director, Panacea Biotec.
Panacea Biotec focuses on the discovery, development, and commercialisation of prescription medicines. “Refana and its international network of scientific researchers and practitioners are dedicated to finding practical solutions to complex and urgent global medical problems,” said Phillip Schwartz, Chief Scientific and Medical advisor to Refana Inc.