Panacea Bio plans $8.9 mn new plant

Drug maker Panacea Biotec plans to invest Rs 400 million in a new vaccine plant by March 2007.

Indian drug maker Panacea Biotec Ltd said on Wednesday that it plans to invest Rs 400 million ($8.9 million) in a new vaccine plant by March 2007.

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The plant will make an injectable polio vaccine.

"We will be the first to make injectable, or inactivated, polio vaccines in India. The raw materials would be supplied in bulk by Nederlands Vaccin Institoot," Panacea's finance manager, Devender Gupta, told reporters.