Panacea Biotec enters into collaboration for generic product

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Drug firm Panacea Biotec today said it has entered into a collaboration with an international pharmaceutical company for development and supply of an immunosuppressant generic product in USA.
"The collaboration has been established on December 23, 2014, for research, development and subsequent ANDA (Abbreviated New Drug Application) submission for a generic immunosuppressant drug," Panacea Biotec said in a BSE filing.
Panacea Biotec, however, did not disclose the name of the company it has collaborated with.
"Under the terms of agreement, Panacea Biotec shall receive an upfront research fee as well as milestone payments linked with the development of the product," the company added.

Commenting on the development, Panacea Biotec Joint Managing Director Rajesh Jain said: "This collaboration is an example where two organisations leverage each others strengths and resources in a highly synergistic manner to achieve a shared objective."
Panacea Biotec said upon commercialisation of the product, it "shall be responsible for manufacturing and supply of the product to the partner company, while partner would be responsible for front end sales and distribution."
Both the companies agreed on a hybrid model of transfer price and profit share at a pre-agreed ratio, the company added.