Panacea Biotec zooms 74% in four trading sessions

Panacea Biotec is continues its upward rally and locked upper circuit of 10% at Rs 130 on the Bombay Stock Exchange.

The stock has zoomed 74% in past four trading sessions from Rs 74.50 after India's second largest vaccine manufacturer has entered into a strategic partnership with Osmotica Pharmaceuticals.

“The alliance is to research, develop and manufacture drug delivery-based, high barrier to entry generic and branded pharmaceutical products in the US and key strategic markets,” Panacea Biotec said in a filing.

Panacea shall receive a fixed research fee from Osmotica besides receiving 50% share of development costs for every new market and product added.

 

A combined 974,078 shares have changed hands on the counter so far and there are pending buy orders for 86,771 shares on the NSE and BSE at 1223 hours.