Panacea Biotec shares zoom 20 pc on collaboration with US-based Refana to develop COVID-19 vaccine

New Delhi, Jun 10 () Shares of Panacea Biotec on Wednesday zoomed 20 per cent after the company said it is setting up a JV in Ireland with US-based Refana Inc to develop a vaccine for COVID-19.

Following the announcement, shares of Panacea Biotec advanced 20 per cent to Rs 202.80 -- its upper circuit limit -- on the BSE.

The scrip jumped 20 per cent to Rs 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.

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. SUM RUJ RUJ