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Drug firm Panacea Biotec along with its partner Apotex has inked a pact with US-based Celgene Corporation to settle patent disputes regarding Abraxane, a drug used to treat various kinds of cancer including that of breast and lungs.
As per the agreement, Panacea Biotec and Apotex will receive a non-exclusive license under which the Indian firm through Apotex would begin selling a generic version of Abraxane in the US and its territories and also in certain jurisdictions outside of the US on a mutually agreed-upon date, Panacea said in a regulatory filing today.
"Panacea along with its partner Apotex have entered into a settlement agreement with Celgene Corporation and its subsidiary Abraxis BioScience, LLC, for settlement of disputes regarding patents covering Abraxane," the filing said.
Panacea shares today ended 0.78 per cent up at Rs 271.70 apiece on the BSE.
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