Shares in Panacea Biotech in trade on June 10, 2020 were locked in 20% upper circuit after the pharma company informed the stock exchanges that it has tied up with Refana Inc. for a Covid 19 vaccine.
As per the agreement, Panacea will engage in the development of the vaccine for global access via a joint venture company with base in Ireland. Sales and distribution activities shall be carried out by both the firms in their respective network.
And further as part of the tie up the company's MD said it aims to manufacture more than 500 million doses of Covid 19 vaccine candidate with more than 40 million doses expected for availability in the next year.
On the BSE, shares of Panacea Biotec were locked at a price of Rs. 202.8, while on the NSE it was locked at Rs. 203.7 shares apiece.