Panacea Biotec on Wednesday said it is setting up a joint venture firm in Ireland with US-based Refana Inc to develop a vaccine for COVID-19.

The company is advancing its response to address the unprecedented challenges of COVID-19 by collaborating with Refana Inc to make a vaccine widely accessible around the world in an equitable manner through a joint venture company to be based in Ireland, Panacea Biotec said in a regulatory filing.

The collaboration aims to bring to patients a whole inactivated virus-based vaccine for COVID-19, it added. As per the partnership, Panacea Biotec will be responsible for product development and commercial manufacturing, while the JV entity undertaking clinical development and regulatory submissions across the world.  Both Panacea and Refana will undertake sales and distribution of the vaccine in their respective territories, it added.

Whole inactivated viral vaccines have a higher probability of being safe and efficacious, given their long history and better understanding of their mechanism of action, which has been elucidated over many decades, Jain said.

Source: PTI