Panacea Biotec, which had closed yesterday at Rs.169, it opened higher at Rs.177.95 and soon hit the 20% UC at Rs.202.80.

The market has reacted to the news it announced today morning. It has entered into a collaboration with Refana Inc. USA for Covid-19 vaccine which will enable global development, manufacturing and distribution of the Covid-19 vaccine.

Under the collaboration, Panacea Biotec is advancing its response to address the unprecedented challenges of COVID-19 by collaborating 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.

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 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.