Shares of Panacea Biotec surged 20% on Wednesday — hitting the upper circuit at ₹202.80 apiece on BSE — after the company announced collaboration with US firm Refana for development, manufacturing and distribution of coronavirus vaccine.
From the beginning of the year, Panacea shares gained 53.93% to ₹202.80 against a fall of 17.37% in the the benchmark index Sensex. From the March lows the stock gained 125.33%, whereas Sensex gained 15.99%.
“Panacea Biotec under the collaboration, is advancing its response to address the unprecedented challenges of covid-19 with Refana Inc. USA to make covid-19 vaccine widely accessible around the world in an equitable manner through a joint venture company to be based in Ireland,” Panacea Biotec said in a statement to the exchange.
Rajesh Jain, Managing Director, Panacea Biotec, said, “The world needs a vaccine that is safe, effective, and scalable in a current good manufacturing practice (cGMP) compliant manufacturing facility that has sizeable capacity and capability to cater to global demand. Our collaboration with Refana aims to manufacture over 500 million doses of our covid-19 candidate vaccine, with over 40 million doses expected to be available for delivery early next year”.
The collaboration aims to bring to patients a whole inactivated virus-based vaccine for covid-19. 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, it said in its release.