Panacea Biotec Ltd announces termination of MoU entered with Refana Inc

Panacea Biotec Ltd had earlier announced regarding Memorandum of Understanding ("MOU") entered into between the Company and REFANA Inc. USA, a Delaware corporation incorporated under the laws of the state of Delaware, United States for global development, manufacturing and distribution of the Covid-19 vaccine, through a 50:50 Joint Venture Company.

The Company has terminated the MOU with effect from August 21, 2020 due to delays in project timelines and difficulty in moving ahead with the joint venture.

The Company will not pursue development of Covid19 vaccine project in collaboration with Refana.

The Company will not make any investment in the joint venture company proposed under the MOU, which was approved by the shareholders of the Company on July 17, 2020.

Shares of PANACEA BIOTEC LTD. was last trading in BSE at Rs.189.05 as compared to the previous close of Rs. 185.95. The total number of shares traded during the day was 35002 in over 824 trades.

The stock hit an intraday high of Rs. 193.1 and intraday low of 185.55. The net turnover during the day was Rs. 6631169.

Source : Equity Bulls

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