Panacea Biotec Shares Gain Amid Karnataka's Dengue Epidemic Declaration

4 Sep 2024 , 09:31 AM

Panacea Biotec’s share price surged over 5% to ₹237.65 on Tuesday, up from ₹225 on Monday. The rise followed the Karnataka government’s declaration of dengue fever as an epidemic. Panacea Biotec is developing a dengue vaccine, which may have contributed to the stock increase.

At the time of writing on September 4, 2024 at 9:27 am, Panacea Biotec’s shares were trading 1.88% higher at ₹237. Panacea Biotec’s stock has seen a 37% gain over the past six months. Panacea Biotec’s stock has gained a total of 76% in the last one year.

On August 14, the company began Phase-3 trials for its Tetravalent Dengue Vaccine, DengiALL, in India. The trials, approved by the Drug Controller General of India (DCGI), involve 10,335 participants at 19 sites.

The vaccine has been under development since 2006, with a partnership signed with the Indian Council of Medical Research (ICMR) in March 2022.

Karnataka’s epidemic declaration includes measures to control mosquito populations and penalties for non-compliance. This announcement has heightened interest in Panacea Biotec’s vaccine, particularly during the monsoon season.

Panacea Biotec is a global pharmaceutical and vaccine manufacturer based in New Delhi, Mumbai, and Lalru. The company engages in research, development, manufacturing, and marketing of pharmaceuticals, vaccines, biosimilars, and natural products.