India's Panacea Biotec hits upper circuit on settlement with Sanofi India's unit

Panacea Biotec

17/09/2024 05:44

** Shares of Panacea Biotec  PNCA.NS  hit upper circuit of
5% at 349.79
    ** Co reached settlement with Sanofi Healthcare India in
suit seeking to restrain Sanofi India's  SANO.NS  unit from
marketing a fully liquid hexavalent vaccine
    ** SANO will not commercially launch the vaccine in India
and withdraw oppositions to PNCA's patent, per the settlement
    ** SANO shares down 1.1%
    ** PNCA shares rose on Friday on getting loan to expand
vaccine facility capacity
    ** Stock is on track to rise in eighth straight session if
trend holds
    ** PNCA up ~99% YTD vs ~41% climb in SANO

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))