Shares of Panacea Biotec today soared nearly 12 per cent after the company said it has expanded its existing collaboration with Canada's Apotex Inc for sales and distribution of Prasugrel tablets in the US.
The stock zoomed 11.95 per cent to settle at Rs 245.90 on the BSE. Intra-day, it jumped 15.63 per cent to Rs 254.
At the NSE, it surged 10.91 per cent to close at Rs 245.35.
The company's market valuation also went up by Rs 161.16 crore to Rs 1,506.16 crore.
Panacea Biotec said Prasugrel has annual sales of USD 600 million in the US and is indicated for reduction of thrombotic cardiovascular events in people with acute coronary syndrome.
"Panacea Biotec has expanded its existing collaboration with Apotex Inc, the largest Canadian-owned pharmaceutical company, for sales and distribution of Prasugrel 5mg and 10mg tablets (generic version of Eli Lilly's Effient) in the US," the company said in a BSE filing.
It further said: "The company has signed an exclusive licence and supply agreement with Apotex for this purpose. Under the terms of the agreement, Apotex shall be responsible for sales and distribution of the product in the USA and the company shall be responsible for manufacturing and supply".
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