Panacea Biotec gains after settling dispute with Celgene

Panacea Biotec advanced 2.59% to Rs 278.75 at 14:48 IST on BSE after the company along with partner Apotex announced settling a patent dispute with Celgene Corp.

The announcement was made after market hours on Friday, 15 June 2018.

Meanwhile, the S&P BSE Sensex was up 6.21 points or 0.02% at 35,628.35.

On the BSE, 25,000 shares were traded on the counter so far as against average daily volumes of 16,000 shares in the past two weeks. The stock had hit a high of Rs 287 and a low of Rs 276.30 so far during the day. The stock had hit a 52-week high of Rs 364 on 14 February 2018 and a 52-week low of Rs 129.30 on 28 June 2017.

The small-cap company has equity capital of Rs 6.13 crore. Face value per share is Rs 1.

Panacea Biotec along with its partner, Apotex Inc. and Apotex Corp. (Apotex) have entered into a settlement agreement dated 13 June 2018, with Celgene Corporation, a global biopharmaceutical company headquartered in USA and its subsidiary Abraxis BioScience, LLC, for settlement of disputes regarding patents covering Abraxane drug product and the company's Abbreviated New Drug Application (ANDA) for paclitaxel protein bound particles for injectable suspension, 100mg/vial, a generic version of Abraxane.

Paclitaxel is used for treatment of breast cancer, non-small lung cancer and adenocarcinoma of pancreas. As part of the Settlement Agreement, Panacea Biotec and Apotex will receive a nonexclusive license under which Panacea Biotec may, through its partner Apotex, begin selling Panacea Biotec's generic version of Abraxane in the US and its territories on a mutually agreed-upon date, and also in certain jurisdictions outside of the US on a mutually agreed-upon date.

Panacea Biotec reported a net loss of Rs 8.55 crore in Q4 March 2018, lower than net loss of Rs 21.80 crore in Q4 March 2017. Net sales rose 0.32% to Rs 167.56 crore in Q4 March 2018 over Q4 March 2017.

Panacea Biotec is a leading research based biotechnology company with established research, manufacturing and marketing capabilities. It is one of the largest vaccine producers and Biotechnology companies in India.

Powered by Capital Market - Live News