Panacea Biotec has fixed 22 September 2020 as record date for determining the names of the equity shareholders and preference shareholders of the Company who shall be entitled to receive the equity shares and preference shares, respectively of Resulting Company as consideration pursuant to the Scheme of Arrangement between Panacea Biotec (Demerged Company) and Ravinder Heights (Resulting Company) and their respective shareholders and creditors.

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Net Loss of Panacea Biotec reported to Rs 8.84 crore in the quarter ended June 2020 as against net loss of Rs 29.21 crore during the previous quarter ended June 2019. Sales rose 208.14% to Rs 76.48 crore in the quarter ended June 2020 as against Rs 24.82 crore during the previous quarter ended June 2019.

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Panacea Biotec will hold a meeting of the Board of Directors of the Company on 3 September 2020.

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Earlier in June, Panacea Biotec had announced its memorandum of understanding with Refana Inc, a Delaware corporation, for global development, manufacture and distribution of a COVID-19 vaccine, through a 50:50 joint venture company.

The company will not pursue development of a COVID-19 vaccine in collaboration with Refana and will not make any investment in the joint venture company proposed under the MoU, which was approved by shareholders of the company on 17 July 2020, it said. The termination is due to delays in project timelines and difficulty in moving ahead with the joint venture.

Shares of Panacea Biotech have declined 7.33% in last one month as compared to a 12.88% rise in Nifty Pharma index.

Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialisation of prescription medicines

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