Shares of Panacea Biotec on Wednesday zoomed 20% after the company said it is setting up a JV in Ireland with U.S.-based Refana Inc. to develop a vaccine for COVID-19.

Also read: Coronavirus | Vaccine will be for global public good, says U.S. health expert

Following the announcement, shares of Panacea Biotec advanced 20% to ₹202.80 — its upper circuit limit — on the BSE.

The scrip jumped 20% to ₹203.70 — its highest trading permissible limit — for the day on the NSE.

The company is advancing its response to address the unprecedented challenges of COVID-19 by collaborating with Refana Inc to make a vaccine widely accessible around the world in an equitable manner through a joint venture (JV) company to be based in Ireland, Panacea Biotec said in a regulatory filing.

The collaboration aims to bring to patients a whole inactivated virus-based vaccine for COVID-19, it added.

Also read: Coronavirus | India, U.S. to collaborate on COVID-19 vaccine trials, say U.S. health officials

As per the partnership, Panacea Biotec will be responsible for product development and commercial manufacturing, while the JV entity undertaking clinical development and regulatory submissions across the world.

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