Panacea Biotec has signed an agreement with Indonesia-based PT Bio Farma to manufacture & market measles vaccine.According to a release issued by Panacea to the BSE today, the agreement was signed in New Delhi by joint managing director Rajesh Jain and Marzuki Abdullah, director of PT Bio Farma."As per the terms of the agreement, Panacea Biotec will procure the bulk vaccine from PT Bio Farma and formulate it into a finished product. We will manufacture and supply the vaccine in the defined global markets. Measles vaccine is expected to be commercially ready by end-2007. Globally, the size of the measles vaccine market is estimated around $25-30 million. Demand of Measles vaccine is estimated at 40 million doses annually in India. Currently, PT Bio Farma is one of the four manufacturers pre-qualified by WHO for supply of measles vaccine to UN agencies. This collaboration will help boost Panacea Biotec's revenues and profits besides widening the product range," Rajesh Jain said.
