Panacea biotech in partnership with Refana aims to manufacture over 500 million doses of the vaccine candidate.

Panacea Biotech Ltd has partnered with US based Refana Inc to set up a joint venture firm in Ireland to develop potential vaccine for COVID-19.

Under the partnership, Panacea Biotech will be responsible for product development and commercial manufacturing. The two firms' joint venture company will undertake clinical development and make regulatory submission globally. After the approval, Refana and Panacea will undertake sales and distribution of the COVID 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 Current Good Manufacturing Practice (cGMP) compliant manufacturing facility that has sizeable capacity and capability to cater to global demand.”

Jain said the two firms aim to manufacture over 500 million doses of the vaccine candidate, with over 40 million doses expected to be available early next year.