 "Panacea Biotec up 7% on strategic alliance with Apotex")
Panacea Biotec has gained 7% to 165 on the Bombay Stock Exchange (BSE) after the company announced that it has entered into a strategic alliance with Apotex Inc. for research, development, license and supply of two drug delivery-based generic products for US, Canada, Australia and New Zealand.
Both companies intend to expand the scope of the alliance by adding new drug delivery based complex generic products to the collaboration.
Panacea Biotec shall undertake product development and shall manufacture and supply the products to Apotex, while Apotex shall be responsible for regular affairs, Hatch Waxman litigation and commercialisation activities in the territories, the company said in a statement.
The stock opened at Rs 153 and touched a high of Rs 174 on BSE after the announcements. A combined 225,113 shares changed hands till 1254 hours on BSE and NSE.
Both companies intend to expand the scope of the alliance by adding new drug delivery based complex generic products to the collaboration.
Panacea Biotec shall undertake product development and shall manufacture and supply the products to Apotex, while Apotex shall be responsible for regular affairs, Hatch Waxman litigation and commercialisation activities in the territories, the company said in a statement.
The stock opened at Rs 153 and touched a high of Rs 174 on BSE after the announcements. A combined 225,113 shares changed hands till 1254 hours on BSE and NSE.
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