Panacea Bio wins Rs10 crore government aid for developing swine flu vaccine

Biotech and pharmaceutical company Panacea Biotech has received financial assistance of Rs10 crore from the government of India for the development of pandemic influenza vaccine.

The award is in the form of a long-term loan on concessional rate of interest of 2 per cent per annum, the company said in a filing with the Bombay Stock Exchange (BSE).

Panacea recently signed an agreement with Department of Biotechnology (DBT) in this regard and received the first installment of Rs3 crore, the release said.

The financial assistance through DBT is in addition to the grant of advance market commitment (AMC) of Rs10 crore given to the company by the ministry of health and family welfare, to encourage development, manufacture and supply of the vaccine, it added.