Legal6 Nov 2025, 04:41 pm
Panacea Biotec Files Statement of Defense in $7 Million Arbitration Case with Human Vaccine Limited Liability Company
AI Summary
In a recent development, Panacea Biotec Ltd. has filed its Statement of Defense and Counterclaims in response to the Statement of Case filed by Human Vaccine Limited Liability Company ('HV') in a $7 million arbitration case. The dispute is over a Technology Transfer Agreement dated October 22, 2020, for the manufacturing of Covid-19 vaccine. Panacea Biotec believes that it will not be liable to pay back the amount claimed by HV, based on its assessment supported by legal advice. The company has also raised counterclaims against HV for the profits lost under the TTA due to HV's breaches. The arbitration is being held at the London Court of International Arbitration ('LCIA').
Key Highlights
- Panacea Biotec files Statement of Defense in $7 million arbitration case with Human Vaccine Limited Liability Company
- The dispute is over a Technology Transfer Agreement for the manufacturing of Covid-19 vaccine
- Panacea Biotec believes it will not be liable to pay back the amount claimed by HV
- Company raises counterclaims for profits lost under the TTA due to HV's breaches
- Arbitration is being held at the London Court of International Arbitration