Shares of Panacea Biotec on Wednesday zoomed 20% after the company said it is setting up a JV in Ireland with U.S.-based Refana Inc. to develop a vaccine for COVID-19 .
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Following the announcement, shares of Panacea Biotec advanced 20% to ₹202.80 — its upper circuit limit — on the BSE.
The scrip jumped 20% to ₹203.70 — its highest trading permissible limit — for the day on the NSE.
The company is advancing its response to address the unprecedented challenges of COVID-19 by collaborating with Refana Inc to make a vaccine widely accessible around the world in an equitable manner through a joint venture (JV) company to be based in Ireland, Panacea Biotec said in a regulatory filing.
The collaboration aims to bring to patients a whole inactivated virus-based vaccine for COVID-19, it added.
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As per the partnership, Panacea Biotec will be responsible for product development and commercial manufacturing, while the JV entity undertaking clinical development and regulatory submissions across the world.
