Shares of Panacea Biotec Ltd. hit the 5% upper circuit to touch the highest level in over three years on Tuesday as the company reached a settlement agreement with Sanofi Healthcare India Pvt. over a patent infringement claim related to a fully-liquid hexavalent vaccine.
The dispute involved Panacea Biotec's patented vaccine, EasySix, the first fully-liquid hexavalent vaccine used for treatment of polio, tetanus, and diphtheria.
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Sanofi Healthcare and Panacea Biotec had both filed joint application on Sept. 13 before the Delhi High Court to dispose lawsuits, the exchange filing said.
According to the settlement agreement, Sanofi Healthcare will not directly or indirectly market its hexavalent vaccine, Shan6, in India, the filing said. Panacea Biotec also disposed its claim for damages and rendition of accounts.
Panacea Biotec had filed a lawsuit against Sanofi Healthcare in May 2021, to prevent it from marketing its hexavalent vaccine. The vaccine would infringe Panacea Biotec's patent for the whole-cell pertussis and inactivated polio vaccine based fully-liquid hexavalent vaccine, it had said. The company launched the vaccine in March 2017 in India.
Panacea Biotec Stock Movement
Panacea Biotec Ltd. shares hit the 5% upper circuit to Rs 349.79 per share, the highest level since Aug. 6, 2021. It remained locked in the upper circuit as of 10:12 a.m., as compared to 0.02% decline in the NSE Nifty 50.
The stock gained 159.24% in 12 months, and 108.33% year-to-date. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 89.83.
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