The shares of Panacea Biotec Ltd. hit their upper circuit of 20% in the early hours of trading on Thursday. The stock skyrocketed to touch its day’s high of Rs. 160.80 per share around 9:20 IST. It slightly declined to close at Rs. 158.70, up 18.43% for the day.
This surge in stock price follows the news of Panacea Biotec securing a long-term supply order from UNICEF and Pan American Health Organisation (PAHO) for its five-in-one vaccine Easyfive-TT.
The order value of UNICEF’s contract is Rs. 813 crores and that of PAHO is Rs. 235 crores respectively. The pharma company has to supply 99.7 million doses to UNICEF from 2023 to 2027. It will be providing 24.83 million doses to PAHO during 2023 to 2025.
The company said that EasyFive-TT is a ready-to-use vaccine. It need not be prepared by healthcare workers at clinics. This helps to reduce clinic visits and the overall cost of immunisation.
On the development the managing director of Panacea Biotec, Rajesh Jain said, “This showcases the growing role India plays to support global health.”
Panacea Biotec is a small-cap biotechnology company involved in the research and development, manufacturing, sales, distribution and marketing of pharmaceuticals and vaccines. It was established in 1984 and presently has a market capitalization of Rs. 970 crores.
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