Debt-Laden Panacea's Shares Soar As $144m Rescue Agreed
A distressed asset fund run by Bain Capital Credit and Piramal Enterprises agrees a $144m bailout for financially ailing Indian vaccines specialist Panacea Biotec.
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Promising data from Phase I clinical trials of a dengue vaccine and a $24.3m award by UN agencies for its Easyfive-TT pentavalent vaccine bode well for Panacea Biotec, but are they enough to turn the company’s fortunes around?
Panacea Biotec has allied with the world’s largest-vaccine maker, the Serum Institute of India, to ramp up production of a six-in-one jab aimed at preventing killer diseases like polio and diphtheria and target a global market estimated to be worth over $1.25bn annually.
India’s Panacea Biotec is hoping an alliance with New Jersey-based pharmaceutical startup Bionpharma Inc to make seven complex generic drugs for the US with a potential market of over $800m will help its financial recovery.