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.
Tag: Panacea Biotec Ltd
“Panacea Biotec ensures limited availability of life saving drug Cilamin 250 capsule (D- Penicillamine IP 250 mg),” the company said in a filing to the Bombay Stock Exchange on September 29, 2016.
The drug is used for treatment of Wilson’s disease, rheumatoid arthritis and other conditions.
“The temporary shortage is due to sudden disruption of supplies of raw material by qualified supplier beyond the control of the company. Since then company has been working tirelessly with alternate suppliers for supply of this raw material. Due to continuous efforts we have resumed limited production of Cilamin 250 and have released limited quantities in the market from September 26, 2016,” the company said in a statement.
However, it has started the supply of new batches with limited quantities of Cilamin 250 from September 26, 2016 from its manufacturing facility in Baddi, Himachal Pradesh under Good Manufacturing Practices, the company added.
The company further said that, it will continue to work closely with existing and potential new raw material suppliers in China and India for access to the raw material in an accelerated manner.
Meanwhile, shares of the company closed at Rs 110.55 apiece, down 5.47 per cent, from previous close on BSE.
Cheering the news, shares of the company gained 9.98 per cent in intra-day trade to Rs 127.25 apiece on Bombay Stock Exchange at 15:14 hours.
In a similar fashion, stocks of the company surged 9.98 per cent to Rs 126.15 apiece, or 11.45 points, on National Stock Exchange at 15:09 hours.
Meanwhile, the broader benchmark BSE Sensex was trading at 26,509.45, up 0.40 per cent, or 106.49 points, at 15:27 hours.