Update from 3.4.7 to 3.4.8 fails on step "performupgrade"

Mayan 3.4.7 Direct deploy:
Description: Ubuntu 19.10
Release: 19.10
Codename: eoan
Python 3.7.5
pip in /opt/mayan-edms/lib/python3.7/site-packages (20.1.1)

the upgrade fails with the following message:

sudo -u mayan MAYAN_DATABASES="{'default':{'ENGINE':'django.db.backends.postgresql','NAME':'mayan','PASSWORD':'*********','USER':'mayan','HOST':'127.0.0.1'}}" MAYAN_MEDIA_ROOT=/opt/mayan-edms/media /opt/mayan-edms/bin/mayan-edms.py performupgrade

Traceback (most recent call last):
  File "/opt/mayan-edms/bin/mayan-edms.py", line 10, in <module>
    execute_from_command_line(sys.argv)
  File "/opt/mayan-edms/lib/python3.7/site-packages/django/core/management/__init__.py", line 381, in execute_from_command_line
    utility.execute()
  File "/opt/mayan-edms/lib/python3.7/site-packages/django/core/management/__init__.py", line 357, in execute
    django.setup()
  File "/opt/mayan-edms/lib/python3.7/site-packages/django/__init__.py", line 24, in setup
    apps.populate(settings.INSTALLED_APPS)
  File "/opt/mayan-edms/lib/python3.7/site-packages/django/apps/registry.py", line 91, in populate
    app_config = AppConfig.create(entry)
  File "/opt/mayan-edms/lib/python3.7/site-packages/django/apps/config.py", line 116, in create
    mod = import_module(mod_path)
  File "/usr/lib/python3.7/importlib/__init__.py", line 127, in import_module
    return _bootstrap._gcd_import(name[level:], package, level)
  File "<frozen importlib._bootstrap>", line 1006, in _gcd_import
  File "<frozen importlib._bootstrap>", line 983, in _find_and_load
  File "<frozen importlib._bootstrap>", line 967, in _find_and_load_unlocked
  File "<frozen importlib._bootstrap>", line 677, in _load_unlocked
  File "<frozen importlib._bootstrap_external>", line 728, in exec_module
  File "<frozen importlib._bootstrap>", line 219, in _call_with_frames_removed
  File "/opt/mayan-edms/lib/python3.7/site-packages/mayan/apps/dependencies/apps.py", line 10, in <module>
    from .classes import Dependency, DependencyGroup, DependencyGroupEntry
  File "/opt/mayan-edms/lib/python3.7/site-packages/mayan/apps/dependencies/classes.py", line 4, in <module>
    from packaging import version
ModuleNotFoundError: No module named 'packaging'

I'm doing the same procedure (as described in the docs) since 3.4.4.