Panacea Biotec up 13% on expanding collaboration with US firm

Panacea Biotec up 13% on expanding collaboration with US firm

11/09/2017 13:02

Shares of Panacea Biotec zoomed over 13 per cent on the Bombay Stock Exchange after the company has expanded its existing collaboration with Canada’s Apotex Inc for sales and distribution of Prasugrel tablets in the US.

“Panacea Biotec has expanded its existing collaboration with Apotex Inc, the largest Canadian-owned pharmaceutical company, for sales and distribution of Prasugrel 5mg and 10mg tablets (generic version of Eli Lilly’s Effient) in the US,” the company said in a BSE filing.

It further said, “The company has signed an exclusive licence and supply agreement with Apotex for this purpose. Under the terms of the agreement, Apotex shall be responsible for sales and distribution of the product in the USA and the company shall be responsible for manufacturing and supply”.

Following the statement, shares of the company gained as much as 13.13 per cent to trade at Rs 248.50 apiece on the Bombay Stock Exchange.

In a similar fashion, shares of the company were trading 12.07 per cent higher at Rs 247.90 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 31,889.72, up 201.37 points, or 0.64 per cent, at 12:55 hours.

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