Panacea Biotec

What Panacea Biotec does

Panacea Biotec Limited is an Indian pharmaceutical and biotechnology company headquartered in New Delhi, founded in 1994, specializing in vaccine development and manufacturing. The company operates as a WHO-prequalified and US FDA-approved manufacturer with a presence in more than 145 countries, producing vaccines on a B2G model that supplies government immunization programs and international health agencies. Its core technology portfolio is built on NIH-licensed live attenuated tetravalent strains, hexavalent combination vaccine platforms, and bivalent oral polio vaccine production. The flagship pipeline asset is DengiAll, India's first indigenous single-dose tetravalent dengue vaccine candidate, currently in Phase III clinical trials with 10,335 participants enrolled across 20 sites in collaboration with ICMR and developed from research dating to 2006.

The company's commercial product portfolio centers on bivalent oral polio vaccines (bOPV) targeting Poliovirus types 1 and 3, hexavalent vaccines combining six antigens (diphtheria, tetanus, pertussis, hepatitis B, Haemophilus influenzae type b, and polio), and diphtheria-tetanus vaccines for adults and adolescents. Revenue is generated almost exclusively through government procurement channels and international development organizations, with named customers including UNICEF (USD 35.65 million four-year supply agreement for bOPV, April 2026 to March 2030) and India's Central Medical Services Society (Rs 127.2 crore for bOPV plus Rs 20.79 crore for DTaP). The company employs 1,001-5,000 staff and is publicly listed on the Bombay Stock Exchange with a market capitalization of approximately Rs 2,668 crore as of January 2026.

Panacea Biotec's go-to-market is anchored on long-cycle institutional tenders rather than commercial sales, with go-to-market channels including enterprise sales to government procurement agencies, channel partnerships through UN agency supply arrangements, and co-development relationships with research institutions. Capacity expansion is funded in part by a USD 20 million loan from the US International Development Finance Corporation for hexavalent production scaling. The company reports FY2026 losses with negative retained earnings of Rs 217.82 crore at the standalone level, though group retained earnings remained positive at Rs 776.05 crore. A wholly-owned subsidiary, Panacea Biotec Pharma Ltd, handles Paclitaxel supply for Canada and USA markets under a settlement-modified arrangement with Apotex Inc.

Name

Panacea Biotec

Legal name

Panacea Biotec Limited

Website

https://panacea-biotec.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Panacea Biotec Limited is a New Delhi-based vaccine manufacturer, WHO-prequalified and US FDA-approved, supplying bivalent oral polio, hexavalent, and DTaP vaccines to UNICEF and India's Central Medical Services Society across 145+ countries, with an indigenous tetravalent dengue vaccine candidate (DengiAll) in Phase III trials.

Ownership category

akta.pro rank

Product category

Vaccine Manufacturing

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Prophylactic Human Vaccines (routine, pediatric, adult) (HLAAAEAA)

akta.pro secondary industries

Infectious Disease & Pandemic Preparedness Vaccines (emerging pathogens) (HLAAAEAC), Vaccine Technology Platforms (mRNA, viral vector, protein subunit, inactivated/live-attenuated, VLP, DNA) (HLAAAEAD), Clinical Development & Regulatory for Vaccines (trials, pharmacovigilance, lot release) (HLAAAEAK)

Keywords

• Vaccine manufacturing
• Biotech pharmaceuticals
• Immunization products
• Dengue vaccine
• Polio vaccines

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. Government Vaccine Supply Contracts: Panacea Biotec generates revenue through large-scale supply contracts with government agencies and public health organizations. Contracts include Rs 127.2 crore for oral polio vaccines and Rs 20.79 crore for DTaP vaccines for adults and adolescents, with delivery schedules spanning multiple years.
2. UNICEF International Supply Agreements: Four-year supply agreement with UNICEF for bivalent oral polio vaccines worth USD 35.65 million (approximately Rs 315 crore), running from April 2026 through March 2030, representing significant international validation of manufacturing capabilities.
3. Hexavalent Vaccine Production: Revenue from expanded hexavalent vaccine production capacity funded by $20 million loan from US DFC, targeting global demand for childhood immunization through supply to UN agencies.
4. Licensing and Settlement Revenue: Settlement with Apotex Inc. resulted in net USD 2 million payment to Panacea Biotec Pharma Ltd, modifying profit-sharing arrangements for Paclitaxel supply in Canada and USA.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels1 record

Core offering

Panacea Biotec develops and manufactures vaccines including an indigenous tetravalent dengue vaccine candidate (DengiAll), bivalent oral polio vaccines (bOPV), hexavalent combination vaccines, and diphtheria-tetanus vaccines for adults and adolescents. The company is a WHO-prequalified and US FDA-approved pharmaceutical manufacturer that supplies vaccines to government immunization programs and UN agencies such as UNICEF across more than 145 countries.

Product overview

Panacea Biotec is a pharmaceutical and biotechnology company specializing in vaccine manufacturing. The company's product portfolio centers on life-saving vaccines including DengiAll (an indigenous tetravalent dengue vaccine in Phase III trials), hexavalent vaccines, diphtheria and tetanus vaccines, and bivalent oral polio vaccines. The company operates as a WHO-prequalified, US FDA-approved manufacturer supplying vaccines across more than 145 countries, with significant government contracts from India's Central Medical Services Society and international supply agreements with UNICEF. The products reflect a unified focus on immunobiologicals for global public health immunization programs.

Differentiator

Problem solved

Functional benefit

Brands

• DengiAll: India's first indigenous single-dose tetravalent dengue vaccine candidate developed in collaboration with ICMR and US NIH. Phase III trials completed enrollment with 10,335 participants.
• Diphtheria and Tetanus Vaccine for Adults and Adolescents

Products and services

• DengiAll Dengue Vaccine India's first indigenous single-dose tetravalent dengue vaccine candidate targeting all four dengue virus serotypes (DENV-1 through DENV-4). Based on NIH-licensed live attenuated tetravalent strain technology and developed in collaboration with the Indian Council of Medical Research (ICMR). Currently in Phase III clinical trials targeting dengue-endemic regions.
• Hexavalent Vaccine Multi-component combination vaccine providing protection against six childhood diseases: diphtheria, tetanus, pertussis, hepatitis B, Haemophilus influenzae type b (Hib), and polio. Designed for pediatric immunization programs to reduce injection burden and improve compliance.
• Bivalent Oral Polio Vaccines (bOPV)

Quantifiable outcome

• 77-82% seroconversion across all four dengue serotypes in early-stage trials
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Indian Council of Medical Research (ICMR)coreStrategic or Co-development Partner · 15 June 2026ICMR and Panacea Biotec announced that enrolment for Phase III clinical trials of DengiAll is nearly complete at approximately 8,000 of the targeted 10,000 participants across 20 centres in India. ICMR provides primary funding for the trials which will follow participants for two years.
• US National Institutes of Health (NIH)coreTechnology or Integration · 15 June 2026DengiAll is based on a strain originally developed by the US National Institutes of Health (National Institute of Allergy and Infectious Diseases), with Panacea Biotec holding a process patent for the vaccine development work.
• Sclavo Vaccines AssociationcoreStrategic or Co-development Partner · 8 June 2026DENSTAR is a four-year initiative coordinated by Sclavo Vaccines Association to advance regulatory approval of DengiAll in sub-Saharan Africa. Funded under EDCTP3 Joint Undertaking (EU), the project unites 10 partners from 9 countries across Europe, Africa, US, India, and South Korea.
• UNICEFcoreChannel Partner/ Reseller/ Distributor · 3 October 2025Panacea Biotec received a four-year supply order from UNICEF for bivalent oral polio vaccines worth USD 35.65 million (approximately Rs 315 crore). The agreement runs from April 2026 through March 2030, with vaccines delivered in 10 and 20 vial presentations.
• Apotex Inc.minorOthers · 9 July 2025Panacea Biotec and Apotex settled ICC arbitration disputes. Panacea Biotec Pharma Ltd (PBPL) will receive net USD 2 million from Apotex, with modified profit-sharing arrangements for Paclitaxel supply in Canada and USA. Original dispute began October 2023 when Apotex claimed USD 118.14 million for alleged breach of 2014 collaboration agreement.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Serum Institute of India: World's largest vaccine manufacturer by doses; produces polio, hexavalent, and other routine pediatric vaccines for WHO/UNICEF supply - the most direct competitor to Panacea in UN-procured vaccine tenders.
• Bharat Biotech: Indian vaccine manufacturer developing novel vaccines including an indigenous dengue candidate (Phase III) and supplying polio, rotavirus, and rabies vaccines to government and global immunization programs - directly comparable to Panacea on technology platform and customer base.
• Biological E. Limited: Hyderabad-based WHO-prequalified vaccine manufacturer producing DTaP, hexavalent combination vaccines, and other pediatric immunizations for UNICEF and government procurement - directly competes with Panacea on combination vaccines and tenders.
• Takeda (Qdenga): Takeda's Qdenga dengue vaccine was approved in India in July 2026, directly competing with Panacea's DengiAll candidate and establishing first-mover advantage in the Indian dengue market.
• Sanofi Pasteur (Dengvaxia): Sanofi's Dengvaxia is the first approved dengue vaccine globally; competes in tetravalent dengue space and also overlaps broadly with Panacea as a major pediatric vaccine manufacturer with WHO-prequalified status.

Broad incumbents

• GSK Vaccines: Major global vaccine manufacturer producing DTaP-containing combination vaccines, polio vaccines, and a wide pediatric portfolio; competes in routine immunization tenders as a broad incumbent.

Regional players

• Indian Immunologicals Limited: Indian vaccine manufacturer (subsidiary of National Dairy Development Board) producing pediatric and animal vaccines for domestic supply - regionally comparable vaccine producer focused on Indian market.

Emerging players

• Zydus Cadila (Vaccine Division): Indian pharmaceutical company with vaccine operations including measles-rubella and other pediatric vaccines competing in domestic government tenders alongside Panacea.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/panaceabiotec
• LinkedInlinkedin.com/company/panacea-biotec-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

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M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Panacea Biotec