Biotechnology group Panacea Biotec and US-based Refana Inc have partnered to enable global development, manufacturing and distribution of the COVID-19 vaccine. Both plan to make COVID-19 vaccine accessible around the world in an equitable manner through a Joint Venture company, which will be based in Ireland.
While Panacea Biotec will be responsible for product development and commercial manufacturing, the Joint Venture undertaking will be responsible for clinical development and regulatory submissions across the world. Both Panacea and Refana will undertake sales and distribution of the vaccine in their respective territories.
Rajesh Jain, Managing Director, Panacea Biotec, said, "The world needs a vaccine that is safe, effective, and scalable in a cGMP compliant manufacturing facility that has sizeable capacity and capability to cater to global demand. Our collaboration with Refana aims to manufacture over 500 million doses of our Covid-19 candidate vaccine, with over 40 million doses expected to be available for delivery early next year.”
Commenting on this association, Phillip Schwartz stated, "We are grateful for the input we have obtained from dozens of medical scientists and epidemiologists in more than a dozen countries in this unprecedented worldwide collaboration to end COVID-19. Our partnership with Panacea Biotec brings this dream to a practical realisation with the ability to manufacture 500 million Covid-19 vaccines over 12 months.”
In April 2019, India Resurgence Fund (IndiaRF), a leading India-focused investment platform, promoted by Piramal Enterprises Limited and Bain Capital Credit, announced an investment of up to Rs 992 crore in Panacea Biotec.