This Small Cap Pharma Stock Jumps 20%, Hits Upper Circuit Today

Small Cap pharmaceuticals company Panacea Biotec Ltd is making noise today. As BSE Sensex fell by nearly 235 points or 0.41% at 57755 and NSE Nifty shed 79 points at 17160 till afternoon trade, the shares soared to hit 20% upper circuit in trade on Tuesday, October 11, 2022.

Stock Outlook Of Panacea Biotec Ltd
The current market price of Panacea Biotec Ltd is Rs 158 apiece with a gain of 18.54% till 1:04 pm. The shares jumped to hit a 20% upper circuit in the opening trade. The company has a market capitalisation of Rs 969.60 crore as of writing the report.

Why Panacea Biotec Ltd is rising sharply today?
The factor behind the sharp surge in the share price of Panacea is because the pharma company has bagged a long term supply order worth US$127.3 million (INR 1,040 crores) from UNICEF and Pan American Health Organization (PAHO). The company has stated in its regulatory filing yesterday, "Panacea Biotec Ltd. is delighted to inform that the Company has received long-term supply awards worth US$ 127.30 million (around INR 1,040 Crore) from UNICEF and Pan American Health Organization (PAHO) for supply of its WHO pre-qualified fully liquid Pentavalent vaccine, Easyfive- TT® (DTwP-HepB-Hib)."

UNICEF award is worth US$ 98.755 million (~INR 813 Crore) for supply of ~99.70 million doses during calendar years 2023-2027 and PAHO award is worth US$ 28.55 million (~INR 235 Crore) for supply ~24.83 million doses during calendar years 2023-2025.

Dr. Rajesh Jain, Managing Director, Panacea Biotec said, "We are delighted to receive the notification of UNICEF and PAHO awards for Pentavalent vaccine at this important juncture in Panacea Biotec's journey. As we celebrate India's 75 years of independence 'Azadi ka Amrit Mahotsav' , this showcases the growing role India plays to support global health. We are excited to continue to save lives by supporting U.N. Agencies and partners for global immunization programs and to bring to market additional vaccines in coming years to meet programmatic needs of UNICEF and PAHO."

About the company
Panacea Biotec is a leading pharmaceutical and biotechnology company with established research, manufacturing and marketing capabilities. The small cap company came into existence in 1984.

Panacea Biotec has pioneered in the development of innovative fully-liquid combination vaccines that can be stored at 2-8 degree Celsius temperature. It has also launched world's first fully liquid wP-IPV based hexavalent vaccine EasySixTM (DTwP-HepB-Hib-IPV) in India in March 2017.