Panacea Biotec Hits Upper Circuit After Winning Rs 1,000-Crore Vaccine Order
Shares of Panacea Biotec Ltd. jumped 20% to hit the upper circuit during the opening session on Tuesday following an order win.
The Punjab-based pharma company has bagged orders worth Rs 1,040 crore from the Unicef and Pan American Health Organization.
The biotechnology company has received long-term supply awards from Unicef and PAHO for the supply of its WHO pre-qualified paediatric vaccine, Easyfive-TT, the company said in its exchange filing. The pentavalent vaccine protects children against five diseases viz. diphtheria, tetanus, pertussis, hepatitis B, and invasive infections, the filing stated.
The Unicef order is worth around Rs 813 crore for the supply of around 10 crore doses from 2023 through 2027, and PAHO award is worth around Rs 235 crore for the supply of 2.5 crore doses through 2025, the release stated.
The order win is significant since Panacea's current valuation stands at Rs 984.9 crore.
"We are excited to continue to save lives by supporting U.N. agencies and partners for global immunization programs and to bring to market additional vaccines in coming years," said Rajesh Jain, managing director at Panacea Biotec in the statement.
Shares of the company hit the upper circuit of Rs 160.8 during early trade. The stock closed 18.1% higher, at Rs 158.25 apiece
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