Panacea Biotec surges 4% on reports of launching dengue vaccine in two yrs
Source: Business Standard
Dengue, Mosquito(Photo: Reuters)
Shares of Panacea Biotec surged up to 4.48 per cent at Rs 319.40 on the BSE in Friday’s intraday trade. This came after the company disclosed its plans to develop a dengue vaccine within the next two years.
According to a report by CNBC TV 18, Panacea Biotec Chairman and Managing Director, Dr Rajesh Jain said that its dengue vaccine, developed in collaboration with ICMR, is progressing well in phase three trials across 19 sites in India, covering over 10,000 adults.
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Upon completion of the trials, the company will submit efficacy data to the Drug Controller General of India (DCGI) to seek manufacturing approval.
Per the report, the chairman of Panacea Biotec expressed optimism about the vaccine’s launch, stating that the company expects to bring it to India and other countries within the next two years. However, he emphasised that the company must adhere to the approved protocols, trial formalities, and ethical guidelines set by the drug authorities.
Panacea Biotec, India’s second-largest vaccine manufacturer, boasts a portfolio of prescription products across key therapeutic areas, including pain management, diabetes care, renal disease, osteoporosis, tuberculosis, gastrointestinal health, and vaccines.
The company has established collaborations with leading research organisations both in India and internationally. Panacea Biotec operates cutting-edge production facilities in Himachal Pradesh, Punjab, and Delhi, adhering to global regulatory standards such as US-FDA, UK-MHRA, SAMCC, and WHO-cGMP. It also operates four research and development centres and holds 24 product patents valid across more than 60 countries.
Panacea Biotec share price history
Panacea Biotec share price has outperformed the market as it has risen 78.4 per cent year to date, while gaining 81.6 per cent in the last one year. In comparison BSE Sensex has risen 12.5 per cent year to date and 22.4 per cent in a year.
The company has a total market capitalization of Rs 1,886.52 crore. Its shares are trading at a price to earnings multiple of -161.82 times at an earning per share of Rs -1.88.
At 12:50 PM, the stock price of the company advanced by 1.20 per cent at Rs 308 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.27 per cent to 81,387.15 level.
First Published: Oct 11 2024 | 12:56 PM IST
