Panacea Biotec was locked in 20% upper circuit at Rs 160.80 after the company announced the receipt of long-term supply awards worth $127.30 million (around Rs 1,040 crore) from UNICEF and Pan American Health Organization (PAHO).
The contract is for the supply of WHO pre-qualified fully liquid Pentavalent vaccine, Easyfive-TT (DTwP-HepB-Hib).
UNICEF award is worth $98.755 million (approximately Rs 813 crore) for supply of approximately 99.70 million doses during calendar years 2023-2027 and PAHO award is worth $28.55 million (approximately Rs 235 crore) for supply approximately 24.83 million doses during calendar years 2023-2025.
Paediatric vaccination plays an important role to achieve Sustainable Development Goals (SDGs) set by the United Nations, in particular the target to reduce under-five mortality rate to less than 25 per 1000 live births. Pentavalent vaccine protects children against five deadly diseases: Diphtheria, Tetanus, Pertussis, Hepatitis B and invasive infections caused by Haemophilus Influenza Type b - becoming the foundation of paediatric immunization programs across the world.
Easyfive-TT is the world's first fully liquid wP-based Pentavalent vaccine that as launched in India in 2005. After receiving WHO prequalification in 2008, more than 150 million doses have been supplied to over 75 countries globally.
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.
More From This Section
Panacea Biotec is a biotechnology company that focuses on discovery, development, and commercialisation of prescription medicines primarily, focusing on vaccines, diabetes, transplant, gastroenterology, and oncology.
The company reported a consolidated net loss of Rs 56.14 crore in Q1 FY23 as against a net loss of Rs 57.35 crore recorded in Q1 FY22. Net sales dropped 16.4% year on year to Rs 110.70 crore in Q1 FY23.
Powered by Capital Market - Live News