Panacea Biotec ends COVID Vaccine MoU entered with Refana
Panacea Biotec informed that the termination is due to delays in project timelines and difficulty in moving ahead with the joint venture.
New Delhi: Panacea Biotec has terminated the MOU for the development, manufacture, and supply of a vaccine for COVID-19 in collaboration with Refana. The MOU, executed on June 9, 2020, was terminated with effect from August 21, 2020.
The company informed that the termination is due to delays in project timelines and difficulty in moving ahead with the joint venture.
It will not pursue the development of the COVID-19 vaccine project in collaboration with Refana and 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, informed the company through a statement.
The collaboration aimed to bring to patients a whole inactivated virus-based vaccine for COVID-19. Under the collaboration, Panacea Biotec was responsible for product development and commercial manufacturing, with the Joint Venture undertaking clinical development and regulatory submissions across the World. Both Panacea and Refana would undertake sales and distribution of the vaccine in their respective territories.