BENGALURU: Indian biotech firm Panacea Biotec Ltd said on Wednesday it would partner with U.S.-based Refana Inc to make a potential vaccine for COVID-19.

The collaboration aims to make more than 500 million doses of the vaccine candidate, with over 40 million doses expected to be available early next year, Panacea said in a statement to stock exchanges.

“Under the collaboration, Panacea Biotec is advancing its response to address the unprecedented challenges of COVID-19 by collaborating with Refana Inc. USA to make Covid-19 vaccine widely accessible around the world in an equitable manner through a joint venture company to be based in Ireland,” Panacea Biotec said in a press release.

Both Panacea and Refana will undertake sales and distribution of the vaccine in their respective territories, it said.

Panacea’s shares jumped 20% in morning trading on India’s National Stock Exchange.