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DFC Commits US$20 Million Long-Term Loan to Panacea Biotec Towards Capacity-Expansion Project for Hexavalent Vaccine
September 12, 2024, New Delhi: The U.S. Government’s development finance institution, the U.S. International Development Finance Corporation (DFC), announced its commitment of a long-term loan of up to $20 million to Panacea Biotec Limited, a leading research based biotechnology company in India.
Panacea Biotec has developed the world’s first whole-cell pertussis (wP) and inactivated polio vaccine (IPV)-based, fully liquid hexavalent vaccine, called EasySix®, and launched this vaccine in India in March 2017.
The wP-IPV-based hexavalent vaccination is an innovative immunization alternative to the current pentavalent and standalone IPV vaccines, which will lead to less vaccination sessions and higher coverage. The World Health Organization and Strategic Advisory Group of Experts on Immunization approved adoption of this hexavalent vaccine in the global immunization program. Following this, Gavi and the Pan American Health Organization also adopted the hexavalent vaccine. UNICEF forecasts the demand for a wP-IPV-based hexavalent vaccine for Gavi countries to be 19 million doses in 2025 and over 100 million doses by 2030. This is an exceptionally impactful project for DFC given Panacea’s worldwide reach and potential to save millions of lives.
Panacea Biotec is expanding manufacturing capacity for drug substance antigens used in its hexavalent vaccine EasySix® to meet future demand from U.N. agencies and public health organizations. DFC has agreed to provide a long-term loan of up to $20 million to Panacea Biotec to help finance this project. DFC and Panacea Biotec signed a commitment letter for this financing on September 12, 2024. DFC’s financing will enable Panacea Biotec to expedite completion of the ongoing expansion and supply the hexavalent vaccine to U.N. agencies for childhood immunization globally.
Speaking on the occasion, Dr. Rajesh Jain, Chairman and Managing Director, Panacea Biotec, said “We are excited to have DFC as our partner in our mission to protect children from critical diseases by providing innovative and affordable vaccines across the globe. Our hexavalent vaccine EasySix®, which meets the highest standards of safety and efficacy, will have a meaningful impact on the lives of millions of newborns in the developing world.”
Ms. Nisha Biswal, Deputy CEO, DFC said, Our partnership with India is both local and global. DFC is working to deliver concrete developmental impact for communities across India, and we are partnering with the Indian private sector to tackle some of the world’s most pressing challenges.”
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About EasySix ®
EasySix® is the world’s first whole-cell pertussis (wP)-based, fully liquid hexavalent vaccine having purified diphtheria toxoid (D), purified tetanus toxoid (T), wP, recombinant Hepatitis B (HepB), Haemophilus influenzae type b conjugate (Hib), and Inactivated Poliomyelitis Trivalent Vaccine (IPV) and is available in single-dose vial, multi-doses vial, and pre-filled syringe.
About DFC
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
For more information about DFC, please visit https://www.dfc.gov/.
About Panacea Biotec
Panacea Biotec is a leading pharmaceutical and biotechnology company with established research, manufacturing, and marketing capabilities.
Panacea Biotec has played a vital role in polio eradication in India by delivering over 10 billion doses of oral polio vaccines. Panacea Biotec has launched the world’s first monovalent and bivalent oral polio vaccines, the world’s first fully liquid wP-IPV-based hexavalent vaccine EasySix® (DTwP-HepB-Hib-IPV) in India in March 2017. The company has pioneered the development of innovative, fully liquid combination vaccines that can be stored at 2-8-degree Celsius temperature.
Panacea Biotec has made available over 200 million doses of fully liquid combination vaccines across the world, e.g., Easyfive®-TT (DTwP-HepB-Hib), EasyFour®-TT (DTwP-Hib), IPV-based tetravalent vaccine – EasyFour®-Pol (DTwP-IPV) and bivalent oral polio vaccine (type-1 and type-3).
Panacea Biotec’s new vaccines in the pipeline are pneumococcal conjugate vaccine – NucoVac-11®, recombinant tetravalent dengue candidate vaccine – DengiALL®, and Td (tetanus and diphtheria – reduced) – TedShot®.
Panacea Biotec remains focused on merging cutting-edge science and technology with an unwavering commitment to meet unmet medical needs while ensuring affordability. It has research collaborations with leading national and international research organizations and corporations. Panacea Biotec has approximately 2,000 employees.
For more information, visit panaceabiotec.com. Follow our news page for the latest updates. Follow us via @PanaceaBiotec and LinkedIn.
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For more information:
Panacea Biotec:
For Investors
Mr. Devender Gupta
Chief Financial Officer and Head Information TechnologyTel: +91-11-41679000 Ext. 1225, 41578011 (Direct)Mobile: +91 9810904102Email: devendergupta@panaceabiotec.com
For Media
Mr. P. D. Karan
Sr. Vice President – Business Development & Corporate AffairsTel: +91-11-41679000 Ext. 1406, 41578080 (Direct)Mobile: +91 9312693040, +91 9810500539Email: pdkaran@panaceabiotec.com