Panacea Biotec rallies as 22 products gets GMP compliance in Ukraine

The stock up 13% to Rs 255 after the company gets certificate of GMP compliance with manufacturing authorization for 22 medicinal products from state service of Ukraine on medicines & drugs control.

Panacea Biotec rallied 13% to Rs 255 on the National Stock Exchange (NSE) in noon deals after the company said it has received a certificate of GMP compliance with manufacturing authorization for 22 medicinal products from state service of Ukraine on medicines and drugs control. The medicinal products include 4 oncology products valid till June 24, 2020.

“Under this manufacturing autohorization, the company’s oral solid dosage manufacturing facility and oncology facility in Baddi, Himachal Pradesh have been certified as complying with the Good Manufacturing Practices (GMP),” Panacea Biotec said in a press release.

The 22 products under approval are in various therapeutic categories including organ transplantation, diabetes management, oncology, piles management, pain management and gastroenterology etc. Both the oral solid dosage manufacturing facility and oncology facility were inspected by the auditors from state service of Ukraine on medicines and drugs control during the period from 19.06.2017 to 24.06.2017, it added.

At 12:34 PM; the stock was up 9% at Rs 246 on the NSE as compared to 0.05% decline in the Nifty50 index. A combined 707,441 shares changed hands on the counter on the NSE and BSE so far.