The British drugmaker signed a contract with European governments at the weekend to supply the region with up to 400 million doses of its potential vaccine.
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India's COVID-19 tally on Saturday witnessed its highest-ever spike of 11,458 cases, according to the Union Ministry of Health and Family Welfare (MoHFW).
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Manufacturers, except export-oriented units and those in special economic zones, would still have to supply 20% of their production to the domestic market,
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Panacea's shares jumped 20% in morning trading on India's National Stock Exchange after the news.
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Companies and governments are scrambling to bring a solution for the illness caused by the new coronavirus to market as soon as possible
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Gilead, AstraZeneca and other drugmakers, including Eli Lilly and Co, Pfizer and Merck & Co, are racing to develop vaccines or treatments for COVID-19
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The company said the trial will be conducted across 12 centers in India in 210 patients and a human safety study of the drug has been completed.
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As of Wednesday, Wuhan had 245 people with asymptomatic symptoms were under quarantine.
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