The collaboration, through a joint venture company in Ireland, will enable global development, manufacturing and distribution of the Candidate Covid-19 vaccine.

Under the collaboration, Panacea Biotec will be responsible for product development and commercial manufacturing, with the joint venture 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.

Dr. Rajesh Jain, managing director, Panacea Biotec, said, "The world needs a vaccine that is safe, effective, and scalable in a cGMP (current Good Manufacturing Practice) compliant manufacturing facility that has sizeable capacity and capability to cater to global demand. Our collaboration with Refana 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. This vaccine has the potential to become the Vaccine of Choice for the global fight against Covid-19."

Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialisation of prescription medicines.

The small-cap company reported a consolidated net loss of Rs 21.32 crore in Q3 December 2019 as against a net loss of Rs 15.94 crore in Q3 December 2018. Net sales during the period surged 52% YoY to Rs 167.74 crore.