India's Panacea Biotec Ltd. has set up a 50:50 joint venture with US-based privately-owned Refana Inc. to develop a COVID-19 vaccine. As part of the deal, Refana has an option to invest up to $10m in Panacea's shares or convertible securities.
The venture is expected to mark a commercial debut for Delaware firm Refana, which has so far focused on research partnerships in artificial intelligence and cancer-related projects
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