Panacea Biotech has started working to develop a H1N1 swine flu vaccine with support from WHO as well as government of India, Joint MD Rajesh Jain said. "The development is progressing effectively in a speedy manner at this point in time," he added.

Here is a verbatim transcript of the exclusive interview with Rajesh Jain on CNBC-TV18. Also watch the accompanying video.

Q: There has been a fairly significant improvement in your valuations, the market perception of your valuations after Shantha Biotech’s buyout by Sanofi, would you say the companies are comparable, that was the scientist run company wasn’t it?

A: I am sure that the company was run by a very good scientist and yes Panacea Biotech is in the biotechnology field, almost in the similar field. But our canvas is much larger than Shantha Biotech because we drive the company on innovation including pharmaceuticals, bio-pharmaceuticals and bio-technology. So although the valuations of Shantha Biotech are good but in case of Panacea, it would be much higher.

Q: Outline some of your growth opportunities then because there are oral vaccines and the big order from the World Health Organization for your Pentavalent drug, so outline some of the opportunities you have seen in the vaccine space because this is a 3 year long term contract now and revenues are going to start kicking in a big way?

A: This contract is now one of the major growth drivers in the company in the coming years, including the contract that we are expecting also from the UNICEF for the next three years. So this will be one of the key growth drivers of the company including one of the polio vaccine that we have. Apart from that, there are several other vaccines which are currently in development and in the next few years we will be launching them. Apart from that there are several other drugs and pharmaceuticals that the company is currently in development and we hope that in the next 2-3 years they will also be globally launched.

Q: Will there be any vaccine for swine flu; we understand this is also being investigated by your company?

A: Yes, we have started working in a much accelerated manner to develop a H1N1 Swine Flu vaccine and with lot of support coming in from WHO as well as government of India. We were able to import the entire trench that was needed somewhere around in early June and I am very happy to let you know that the development is progressing in a very speedily manner and very effectively at this point in time.