New Delhi, Jun 10 () Shares of Panacea Biotec on Wednesday zoomed 20 per cent after the company said it was setting up a JV in Ireland with US-based Refana Inc to develop a vaccine for COVID-19.
Following the announcement, shares of Panacea Biotec advanced 20 per cent to Rs 202.80 -- its upper circuit limit -- on the BSE.
The scrip jumped 20 per cent to Rs 203.70 -- its highest trading permissible limit -- for the day on the NSE.
This article was written by Business Insider India.
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Refana Inc., is United States registered private corporation dedicated to finding practical and innovative solutions to the world's medical problems. By utilizing a highly collaborative open source system of research and development Refana has been able to attract world leaders in their respective scientific and medical fields to work on these problems. Through this model Refana hopes to greatly accelerate the vaccine development process for Covid-19 and help protect not only the health of the world, but also the economies and stability of nations at risk.