Indian firm Panacea says aiming to make COVID-19 vaccine

Representative image/iStock Photo

Indian biotech firm Panacea Biotec Ltd said on Wednesday it would partner with U.S.-based Refana Inc to make a potential vaccine for COVID-19.

The collaboration aims to make more than 500 million doses of the vaccine candidate, with over 40 million doses expected to be available early next year, Panacea said in a statement to stock exchanges.

Panacea's shares jumped 20% in morning trading on India's National Stock Exchange after the news.